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Social Security benefit growth will slow next year as inflation cools

Affected by rising inflation in 2023company security moneyThe cost of living adjustment (COLA) reached 8.7%, becoming the largest adjustment since 1981.retireHouseholds will receive an average of 140 yuan more per month. However, as inflation slows, the adjustment rate will be only 3.2% in 2024, which is about 50 yuan higher per month.checkThe average amount is 1,907 yuan. According to two reports released so far, it is estimated that cost of living adjustments for Social Security benefits in 2025 will be much lower than this year.

Financial management website The Motley Fool pointed out that from the two forecast reports released, it can be seen that after inflation subsides, the cost of living adjustment for social security benefits in 2025 will be smaller, which is much lower than this. The year is 3.2%.

The cost of living adjustment for Social Security benefits for the next year is calculated based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) in July, August, and September of this year.

The Congressional Budget Office (CBO), a non-partisan organization, released the Old-Age and Survivors Insurance Trust Fund (Old-Age and Survivors Insurance Trust Fund) 2024 to 2034 Annual Budget and Economic Outlook Report in February this year. The cost-of-living adjustment for Social Security benefits is estimated to be about 2.5%.

According to statistics, in February this year, about 50.5 million retired workers received monthly social security benefits of 1,910.79 yuan. If calculated on a 2.5% increase, they will get about 48 yuan more next year, the average monthly check amount will be 1,958.55 yuan.

The Senior Citizens League (TSCL), a non-profit advocacy group for seniors, released a report in February estimating that the cost of living adjustment for Social Security benefits in 2025 will be about 1.8%, with retirees paying $1.5 per You will get 34 yuan more per month. Compared with now, the average check amount is 1945.18 yuan.

United States(tagstotranslate)Social Security

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