Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.
The Senior Citizens League is expecting that the cost-of-living adjustment for Social Security recipients in 2025 will be smaller than in prior years and probably will not keep up with inflation.According to projections, Social Security is expected to increase benefits by 2.57% in 2025. The Social Security Administration will announce 2025's cost-of-living adjustment in October. Increases would then take effect two months later.
Annual inflation rate falls below 3% for the first time since 2021 as Fed eyes potential rate cutThe Social Security Administration says it bases its cost-of-living adjustment on the consumer price index for urban wage earners and clerical workers. The Bureau of Labor Statistics releases consumer price index data monthly.The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily.
Data shows inflation is cooling, but many Americans are still strugglingHowever, some experts have said Social Security has failed to keep up with actual costs incurred by recipients.The Senior Citizens League said that Social Security recipients have lost 20% of their buying power since 2010. They said recipients would need an added $370 a month to make up the difference.
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