Social security cost-of-living adjustment benefits are expected to be 2.57% in 2025, down from 3.2% implemented in 2024, according to a new estimate from The Senior Citizens League.
The 2.57% estimate also marks a slight decrease from 2.63% projected by TSCL in July. The 2.57% estimate is also comparable to the average COLA increase of 2.6% over the past 20 years, per TSCL. The decrease in TSCL’s projected COLA estimates for 2025 comes as the rate of inflation fell to 2.9% for July, down from 3.0% for June, as measured by the Consumer Price Index.
More than three-quarters of seniors said their monthly budgets for essentials such as housing, food and medicine is higher this year than last year, according to TSCL’s 2024 Retirement Survey. In addition, 71% of seniors said persistent high prices from inflation impacting their retirement savings is among their top concerns. And 63% of seniors said they worry their retirement income will not be enough to cover the cost of essentials, per TSCL.
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