Social Security is a vital source of income for millions of seniors, and the annual Cost of Living Adjustment (COLA) is a topic of great interest and importance. Each year, the Social Security Administration (SSA) evaluates the COLA to help seniors maintain their purchasing power in the face of inflation.
In 2024, the COLA will increase by 3.2%. On average, Social Security retirement benefits increased by over $50 per month starting in January.
In 2025, the COLA will increase by 2.5%. On average, Social Security retirement benefits will increase by about $48 per month starting in January.
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