Rob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.
Social Security recipients can expect next year's annual cost-of-living adjustment to be the lowest since 2021, following cooler inflation readings in July and August. On Wednesday, the Bureau of Labor Statistics reported the consumer price index climbed 2.5% year on year. Combined with the 2.6% reading in July, and a similar reading expected for September, Social Security beneficiaries are on track to see a payment increase of about 2.
Johnson said that amount would equate to about one-fifth of the expected overall increase entailed by a 2.5% COLA. The Social Security Administration is expected to announce the official cost-of-living adjustment for 2025 on Oct. 10. A survey conducted by the Senior Citizens League found 65% of seniors reported monthly expenses of at least $2,000, up from 55% in 2023.
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