COLA Increase 2025 Predictions: Social Security covers more than just food, clothing, and transportation for people over 65. It also pays for things like medical care and housing.
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Seniors look forward to the cost-of-living raise (COLA) every year.
Between January and December, their monthly Social Security income went up by 3.2%, giving them an extra $1,907 a month.
The Social Security Administration releases the official COLA every year in October. It is based on the Bureau of Labor Statistics’ third-quarter Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The Social Security COLA for 2025 won’t be known until the third quarter of 2024 inflation data comes in. Since it’s still the first half of 2024, this data isn’t available yet.
In terms of next year’s COLA, there are estimates from reputable groups.
COLA Increase 2025 Predictions
The Senior Citizens League, which is not affiliated with any political party, says that the Social Security COLA for 2025 will be 2.6%.
The rise rate was 5.9% last year, 8.7% the year before, and 3.2% the year before that. Plus, it’s a better guess than the 1.7% that was made in February.
Absolute shockwaves as a #bipartisan coalition of members of Congress release video statement, announcing IMMEDIATE efforts to take urgent legislative action on #inflation and cost-of-living increases. Is this the economic announcement we’ve all been waiting for?!
Support for… pic.twitter.com/OgArpvAZPd— Tiffany Cianci (@TheVinoMom) May 10, 2024
The actual increase will only be known when the SSA makes the announcement. Additionally, despite appearances, a reduction in COLA can be good news.
Even a modest increase in Social Security benefits can help a lot of senior citizens make ends meet next year.
Also Read: FAFSA Income Limits 2024: How is it Calculated and FAFSA income limit this year
