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In 2023, seniors on Social Security saw their benefits rise by 8.7% as one of the most generous cost-of-living adjustments, or COLAs, arrived in the midst of soaring inflation.
The 2024 inflation numbers were 2.5% higher than the 2023 numbers, so the annual COLA heading into 2025 was set at 2.5%. ... there wouldn't have been any COLA (Social Security never reduces ...
The big news for 2023 is an 8.7% jump in the Social Security COLA, which is the highest since an 11.2% increase in 1981. The COLA’s steep hike this year is due to the soaring inflation rate ...
As noted by CBS, the last time Social Security saw this kind of increase was back in 1981 when the SSA announced a COLA of 11.2%. The news of the 2023 payment increase comes as a relief to the ...
The 8.7% COLA Social Security recipients got in 2023 is actually not the program's largest one on record. The largest COLA to ever arrive was the 14.3% raise that came in 1981.
As expected, the Social Security Administration on Thursday announced its biggest annual cost-of-living adjustment (COLA) in more than four decades, with Social Security recipients set to get an 8 ...
A 10.5% COLA would increase the average retiree benefit of $1,668 by $175.10, according to the Senior Citizens League. ... Social Security: Estimate for 2023 COLA Pushes Into Double Digits After ...
The group’s latest COLA estimate is well below earlier estimates this year — estimates that projected a Social Security increase as high as 10.5% in 2023. However, even an increase of 8.7% ...