{"id":10151,"date":"2024-10-13T00:23:38","date_gmt":"2024-10-13T04:23:38","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=10151"},"modified":"2024-10-13T00:23:38","modified_gmt":"2024-10-13T04:23:38","slug":"social-security-benefits-will-rise-2-5-in-2025","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=10151","title":{"rendered":"Social Security benefits will rise 2.5% in 2025"},"content":{"rendered":"
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The increase in Social Security benefits next year will be pocket-size.<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/header>\n
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The Social Security Administration announced a 2.5% cost-of-living adjustment (COLA) for 2025. That\u2019s down from 3.2% this year but in line with the 2.6% average over the past two decades.<\/p>\n

Starting in January, the increase will add a little under $50 to the average monthly benefit of roughly $1,900,\u00a0according to the SSA<\/a>, providing some comfort to the more than 72 million retired senior citizens and disabled workers who have grappled with higher prices in recent years.<\/p>\n

But millions will still struggle to\u00a0make ends meet in retirement<\/a>.<\/p>\n

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\u201cThe Social Security cost-of-living adjustment is essential to ensure beneficiaries\u2019 purchasing power keeps up with inflation, even as it slows across the economy,\u201d Jason Fichtner, chief economist at the <\/span>Bipartisan Policy Center<\/a>, told Yahoo Finance.<\/span><\/div>\n<\/div>\n

The COLA is calculated by averaging the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for July, August, and September and then comparing that figure with the same data last year. On Thursday, government\u00a0data<\/a>\u00a0showed inflation rose 0.2% over last month and 2.4% over the prior year in September.<\/p>\n

In general, people who receive Social Security benefits are notified by mail in early December about their new benefit amount. Most beneficiaries can also view their COLA notice online through their\u00a0personal Social Security account<\/a>\u00a0at\u00a0ssa.gov\/myaccount\/<\/a>.<\/p>\n