Social security spending could increase by 2.64% in 2025. That’s according to the latest estimates from the Senior Citizens League.
The Consumer Price Index, the index used to determine the cost-of-living adjustment (COLA) for Social Security, fell 3% last month.
COLA projections are revised monthly based on the latest Consumer Price Index data.
The final COLA amount for 2025 will differ from the projection because the COLA is calculated based on the average inflation rate for the third quarter and compared to the prior year’s calculation.
This year’s COLA falls to 3.2%This would be well below the record increase expected in 2023.
According to the Social Security Administration (SSA)As of June 2024, the average monthly benefit is $1,781.07.
Our journalism needs your support. Subscribe now NJ.com.
Contact Katherine Rodriguez at krodriguez@njadvancemedia.comAny hints? nj.com/Tips.
If you buy a product or register an account through a link on our site, we may receive compensation. By using this site, you agree to our User Terms You also agree that your clicks, interactions and personal information may be collected, recorded and/or stored by us and our social media and other third party partners in accordance with our terms and conditions. privacy policy.