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Next Year's Social Security
Raise Is More Modest
Oct 12, 2023 12:59 PM CDT
Next Year's Social Security Raise Is More Modest
Recipients can expect a 3.2% boost starting in January
- Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost. The cost-of-living adjustment, or COLA, means the average recipient will receive more money every month beginning in January, the Social Security Administration said Thursday. About 71...
Inflation Has Cooled. So Has
This Social Security Estimate
Jun 14, 2023 6:21 AM CDT
Inflation Has Cooled. So Has This Social Security Estimate
Recipients may see 2024 cost-of-living adjustment of just 2.7%, down from this year's 8.7%
- This year's Social Security cost-of-living adjustment, or COLA, was the highest in four decades, coming in at 8.7% to account for record inflation. Beneficiaries shouldn't expect quite such a boost for 2024. According to new government data, the annual inflation rate fell in May to its lowest...
Social Security's COLA Increase
Is the Biggest in 40 Years
Oct 13, 2022 8:26 AM CDT
Social Security's COLA Increase Is the Biggest in 40 Years
It's 8.7% for 2023, but some say that's not enough to keep up with seniors' reality
- The Social Security Administration just announced the biggest cost of living adjustment in four decades in response to record high inflation. The annual inflation adjustment for 2023 is 8.7%, compared to 5.9% for 2022, meaning the country's 70 million Social Security beneficiaries will see a monthly increase...
Social Security Checks Will
Likely Get a Very Big Bump
Sep 14, 2022 9:35 AM CDT
Social Security Checks Will Likely Get a Very Big Bump
Senior Citizens League now forecasts 8.7% cost-of-living adjustment
When we last read the tea leaves in May, it was looking like seniors could be looking at an 8.6% adjustment to their monthly Social Security checks in 2023. The cost-of-living adjustment (COLA) happens in October, and with just one month to go, the predicted increase has ticked...
Social Security Benefits
See Biggest Jump in 39 Years
Oct 13, 2021 8:24 AM CDT
Social Security Benefits See Biggest Jump in 39 Years
COLA for 2022 is 5.9%
- Millions of retirees on Social Security will get a 5.9% boost in benefits for 2022. The biggest cost-of-living adjustment in 39 years follows a burst in inflation as the economy struggles to shake off the drag of the coronavirus pandemic. The COLA, as it's commonly called, amounts to...
Big COLA Announcement
Expected Early Wednesday
Oct 12, 2021 8:08 PM CDT
Big COLA Announcement Expected Early Wednesday
Increase could be biggest in decades
- Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation. Over the last 10...
Social Security COLA
Is Announced: 1.3%
Oct 13, 2020 2:49 PM CDT
Social Security COLA Is Announced: 1.3%
Increase is slightly lower than last year's, averaging $20 a month
- Social Security recipients will get a modest 1.3% cost-of-living increase in 2021, but that might be small comfort in the face of worries about the coronavirus and its consequences for older people. The average increase for retired workers will be $20 a month, according to estimates released Tuesday by...
Social Security Recipients
Get Largest Raise in Years
Oct 13, 2017 9:10 AM CDT
Social Security Recipients Get Largest Raise in Years
Though it'll only amount to $25 a month
- Millions of Social Security recipients and other retirees will get a 2% increase in benefits next year. It's the largest increase since 2012 but comes to only $25 a month for the average beneficiary. The Social Security Administration announced the cost-of-living adjustment (COLA) Friday. The COLA affects benefits for...
Bad News for
1 in 5 Americans:
No COLA Next Year
Oct 11, 2015 7:59 AM CDT
Bad News for 1 in 5 Americans: No COLA Next Year
And you can blame low gas prices
- For just the third time in 40 years, millions of Social Security recipients, disabled veterans, and federal retirees can expect no increase in benefits next year, unwelcome news for more than one-fifth of the nation's population. They can blame low gas prices. By law, the annual cost-of-living adjustment, or...
Oct 19, 2011 10:48 AM CDT
Social Security Checks Get 3.6% Bump
Raise is first since 2009
- Social Security recipients will get something in January they used to get every year: a raise. The 3.6% boost, which is tied to the government's official inflation measure released today, will be the program's first cost-of-living adjustment since 2009. That's because inflation has been so low...
Social Security's 2.3% Hike Most Stingy Since '04
Oct 17, 2007 1:50 PM CDT
Social Security's 2.3% Hike Most Stingy Since '04
Increases don't keep up with rising medical costs, critics say
- Social Security benefits will rise 2.3% in 2008—or an average of $24 monthly—netting the 54 million recipients their smallest increase in four years. The cost of living adjustment, now $1,079 per month for the average retiree, is based on the third-quarter change in consumer prices, the...
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