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Cost-of-Living Adjustment (COLA) Information | SSA The 2 5 percent cost-of-living adjustment (COLA) will begin with benefits payable to nearly 68 million Social Security beneficiaries in January 2025 Increased payments to nearly 7 5 million SSI recipients will begin on December 31, 2024
Cost-Of-Living Adjustments Prior to 1975, Social Security benefit increases were set by legislation The first COLA, for June 1975, was based on the increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from the second quarter of 1974 to the first quarter of 1975
Latest Cost-of-Living Adjustment The latest COLA is 2 5 percent for Social Security benefits and SSI payments Social Security benefits will increase by 2 5 percent beginning with the December 2024 benefits, which are payable in January 2025
Cost-Of-Living Adjustment (COLA) We determined a 2 5-percent COLA on October 10, 2024 We will announce the next COLA in October 2025 Social Security program information COLA History How the COLA is applied to Social Security retirement benefits Effect of the 2 5-percent COLA on average Social Security benefit amounts Benefit tables where special eligibility rules apply
Social Security Changes - COLA Fact Sheet Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2023 through the third quarter of 2024, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 2 5 percent COLA for 2025
Application of COLA to a Retirement Benefit A COLA increases a person's Social Security retirement benefit by approximately the product of the COLA and the benefit amount The exact computation, however, is more complex
How much will the COLA amount be for 2025 and when will I receive it? This is the annual cost-of-living adjustment (COLA) By law, federal benefits increase when the cost of living rises, as measured by the Department of Labor's Consumer Price Index for Urban Wage Earners and Clerical Workers
Social Security Announces 2. 5 Percent Benefit Increase for 2025 Over the last decade the cost-of-living adjustment (COLA) increase has averaged about 2 6% The COLA was 3 2% in 2024 Nearly 68 million Social Security beneficiaries will see a 2 5% COLA beginning in January 2025 Increased payments to nearly 7 5 million people receiving SSI will begin on December 31, 2024
Social Security Benefits Increase in 2024 - SSA If you don’t have an account yet, you must create one by November 14, 2023, to receive the 2024 COLA notice online “Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, Acting Commissioner of Social Security
Cost-of-Living Adjustment The cost-of-living adjustment (COLA) ensures that the purchasing powers of Social Security benefits and SSI payments are not eroded by inflation The CPI-W is determined by the Bureau of Labor Statistics in the Department of Labor By law, it is the oficial measure we use to calculate the COLA We calculate the COLA on a yearly basis