Social security cola increase 2025 ssi to keep up with inflation. The Social Security Administration (SSA) to make amendments to amounts beneficiaries receive per year. The cost-of-living adjustment (COLA) to be announced for year 2025 on the 10th of October.
The Social Security COLA
Since 1975, the SSA has amended benefits at its inception of each calendar year in order to keep up with inflation. This is an annual increase and based on the changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
Inflation has increased after the pandemic and increasing throughout the last few years. Benefits remain static throughout, however it is a rare occasion.
The new amendments decided to be put in place intended to aid seniors with increasing prices. There was a 24.6% increase in the Consumer Price Index since 2021. The SSA benefits expected to come close to such margin in 2025.
How will the Social Security increase for 2025?
Social security cola increase 2025 ssi is predicted for non-profit Senior Citizens to expect a rise of 2.5%. If this is accurate, it will be a meeker rise than the 3.2% rise in 2024.
The U.S. Bureau of Labor Statistics state there is a decline in inflation in comparison o the pandemic times. The Consumer Price Index for August 2024 reports reveals a 2.5% rise in average prices since August 2023.
A 2.5% COLA would increase monthly Social Security benefits by an average of $48, raising the average check for retired workers to $1,966.
Conclusion
There will be a rise in benefits as predicted to increase the opportunities for senior citizens to keep up with the inflation. It will announce on the 10th of October.
Key Points
- The Social Security Administration (SSA) will announce the 2025 cost-of-living adjustment. COLA will be announced on October 10 to help beneficiaries keep up with inflation.
- A predicted 2.5% COLA increase would raise monthly benefits by an average of $48. This will bring the average check for retired workers to $1,966.
- The U.S. Bureau of Labor Statistics reports a 2.5% rise in average prices since August 2023. This reflects a slowdown in inflation compared to previous years.
