Understanding the 2025 Social Security COLA Increase
The Social Security Cost-of-Living Adjustment (COLA) is an annual increase in benefits to help offset the effects of inflation. The COLA is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the prices of goods and services commonly purchased by urban wage earners and clerical workers.
Factors Determining the Social Security COLA, 2025 social security cola increase
The COLA is determined by the percentage increase in the CPI-W from the third quarter of the previous year to the third quarter of the current year. This means that the COLA for 2025 will be based on the change in the CPI-W from July to September 2024 compared to the same period in 2023.
Projected COLA for 2025
Based on current economic data, the projected COLA for 2025 is expected to be around 3.3%. This projection is based on the average annual inflation rate for the past 12 months, which has been around 3%.
Impact of Inflation on the Purchasing Power of Social Security Benefits
Inflation erodes the purchasing power of Social Security benefits over time. This means that the same amount of money can buy fewer goods and services today than it could in the past. The COLA is designed to help offset the effects of inflation and maintain the purchasing power of Social Security benefits.
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