There could be a Social Security increase of 2.64% in 2025, according to the latest estimates from The Senior Citizens League.
The Consumer Price Index — the index used to determine the cost-of-living-adjustment (COLA) for Social Security — fell to 3% last month.
COLA projections change monthly based on the latest Consumer Price Index data.
The final amount for the 2025 COLA will be different from the projections because the COLA is calculated based on the average rate of inflation during the third quarter, and then compared to the previous year’s calculation.
This year’s COLA fell to 3.2%, well below 2023′s record-setting increase.
According to the Social Security Administration (SSA), the average monthly benefit as of June 2024 is $1,781.07.
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Read More: Here’s the latest COLA projection