Many retirees look forward to the annual billion casino royal:cost-of-living adjustment (COLA) from the Social Sec💜urity Administration𒀰 (SSA) because it usually means an increase in benefits.
The SSA won't make its official announcement until October, but there are already forecasts for what the COLA might look like for 2025 based on the data so far this year. Here's the good news and bad news about how big the raise might be.
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The COLA forecast for 2025
Although next year's COLA won't be known until October, The Senior Citizens League, a nonpartisan group, has already predicted what the adjustment could look like based on inflation data so far this year. According to its most recent estimate (from mid-April), the group expects the 2025 COLA to be around 2.6%.The bad news about next year's COLA
The not-so-good news about the forecast is that it's lower than what beneficiaries have been used to over the past several years. In fact, a 2.6% COLA would be the lowest since 2021.Year | COLA |
---|---|
2021 | 1.3% |
2022 | 5.9% |
2023 | 8.7% |
2024 | 3.2% |
2025 (forecast) | 2.6% |