The new prediction for 2025 is set at 3 percent due to higher-than-expected inflation numbers.
Seniors might be relieved to know there's a new cost of living adjustment prediction for 2025, and it sees Social Security recipients getting a higher monthly check.Social Security payments are adjusted each year by the COLA, which looks at the consumer price index for urban wage earners and clerical workers.The new prediction for 2025 is set at 3 percent due to higher-than-expected inflation numbers reported this week.
Transportation costs also had an extreme jump, at 10.7 percent.In 2024, seniors saw a 3.2 percent increase in their Social Security benefits due to inflation, which equaled a boost of roughly $50 to $60 a month. That was a significantly lower boost compared to the 8.7 percent increase in 2023.Despite these increases in Social Security payments over the years, poverty among those aged 65 and up has been on the rise. The U.S.
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