Social Security payments get an annual cost-of-living adjustment (COLA) to protect the buying power of benefits from inflation. COLAs depend on how the CPI-W (a subset of the Consumer Price Index) changes in the third quarter, meaning the three-month period running from July through September. For example, the CPI-W rose 3.2% in the third quarter […]
Social Security income is protected from inflation by annual cost-of-living adjustments (COLAs). Benefits got an 8.7% COLA last year and a 3.2% COLA this year, both above the 10-year average of 2.3%. But many Social Security beneficiaries are still feeling financial pressure in the current economic environment. The 2024 Retirement Confidence Survey (RCS) conducted by […]
Brisk inflation on the tail end of the pandemic led to a historic 8.7% cost-of-living adjustment (COLA) for Social Security benefits in 2023. Retired workers hadn’t received a pay raise that large in four decades. Yet, the 2023 Retirement Confidence Survey (RCS) conducted by the non-profit Employee Benefit Research Institute (EBRI) found that many retirees […]
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Older adults should expect a much smaller cost-of-living raise next year as inflation trends continue to slow. Based on January’s consumer price index (CPI) report on Tuesday, Social Security’s cost-of-living-adjustment (COLA) in 2025 is forecast at 1.75%, according to analysis by The Senior Citizens League (TSCL), a nonpartisan, nonprofit seniors advocacy group. That increase would […]
Social Security’s cost-of-living adjustment takes effect in January 2024, but researchers have found it lags behind price increases. Credit: Adobe Stock/steheap As the new year begins, retirees are getting a boost to their Social Security checks. But new data shows it’s not nearly enough to keep up with this year’s prices. The 2024 cost-of-living adjustment […]
What’s next after the bombshell ruling to kick Donald Trump off Colorado’s primary ballot. Chuck Todd shares his ideas for next year — political and not. And what to know about the Social Security cost-of-living adjustment for 2024. Here’s what to know today. Do you regularly read our newsletter? We would love to hear your thoughts! […]