Social Security benefits are projected to rise 2.5% in 2025
CBSN
The nation's more than 70 million Social Security recipients may want to temper their expectations of how much more they'll be getting in 2025. Retirees are looking at an average monthly bump of $48, or an increase of 2.5%, according to projections released on Wednesday.
The 2025 cost-of-living adjustment, or COLA, which is based on the rate of inflation, is now forecast to come in below last month's 2.57% calculation, the Senior Citizens League (TSCL), an advocacy group for older Americans, said. The updated forecast came hours after the government reported that prices rose 2.5% in the 12 months ending in August, as inflation continues to moderate.
The projected increase is not yet official, as the Social Security Administration typically determines the following year's COLA in mid-October. A 2.5% rise would translate into an average monthly benefit of $1,968, and show up in most recipients' January benefit check.
