Social Security recipients may see smallest cost-of-living adjustment since 2021. Here's what to know.
CBSN
Inflation falling to its lowest level in three years is good news, generally speaking. But it also means Social Security recipients are likely in line for the smallest cost-of-living increase to the monthly benefit since 2021.
The 2025 cost-of-living adjustment, or COLA, is projected to come in around 2.57%, the Senior Citizens League, an advocacy group for older Americans, said on Wednesday. Down from 2.63% last month, the calculation is based on the rate of inflation, with government figures released earlier in the day showing consumer prices in July rose 2.9%, the smallest advance since March 2021.
Though it's not yet official, as the Social Security Administration usually sets the next year's COLA in October, a 2.57% hike would translate into a monthly increase of nearly $49, based on the current average monthly benefit of $1,900.
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