Social Security 2025 COLA increase doesn’t reflect seniors’ rising costs

Oct. 9, 2024 - The Washington Post

As a “major source” of income for 58 percent of the nation’s retirees, Social Security is the “bedrock of their financial security,” according to Gallup. End of carouselThis week, the Social Security Administration will announce the cost-of-living adjustment, or COLA, for Social Security and Supplemental Security Income (SSI) benefits that takes effect in 2025.

There was no COLA increase the following year even though inflation was 2.7 percent — same $1,000 payment but less purchasing power.

The population on which it’s based differs from that of Social Security beneficiaries. Social Security will not run out of money.

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