COLA Increase 2025 Social Security Announcement Today
COLA Increase 2025 Social Security Announcement Today
The Social Security Administration (SSA) is due to announce the annual Cost of Living Adjustment (COLA) increase for 2025. Social Security benefit recipients across the country will today find out how much their payments will rise in 2025. The COLA is designed to keep payments in line with inflation, so that purchasing power is not eroded over time.
What Time Will the COLA Be Announced?
- The Bureau of Labor Statistics will provide an update on the CPI at 8:30 a.m. ET on Oct. 10.
- It is expected that the SSA will make an announcement in tandem or shortly after this time.
How Much Will the COLA Be?
In 2024, Social Security benefits increased by 3.2 percent. In 2023, a historic rise of 8.7 percent was granted due to high inflation following the coronavirus pandemic. Experts have predicted an annual rise of around 2.5 percent. Based on this, Mary Johnson, an independent Social Security and Medicare policy analyst, stated that a benefit recipient receiving $1,870 per month could see their monthly payment rise by about $46.80 next year.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.