While the inflation rate has been easing downward, retirees' budgets are still being stretched pretty thin. Over the past few years, above-average inflation has meant significant Social Security cost-of-living adjustments. Will this trend continue? How big of a Social Security COLA will retirees get in 2025?
What Was The Social Security COLA For 2024?
The Social Security COLA for 2024 was 3.2%. While this SS COLA was much higher than most years, it was still far lower than the 2023 Social Security COLA.
What Was The Social Security COLA For 2023?
Retirees received a whopping 8.7% Social Security COLA for 2023. While this was a considerable increase in income for many retirees, it has likely barely kept up with their increased living costs.