The 2024 cost-of-living adjustment (COLA) will affect millions of Americans, especially those who depend on Social Security, because it will adjust benefits to keep up with rising living costs. After a significant increase in 2023 due to higher inflation, the 2024 COLA is expected to be lower, reflecting more stable inflation rates.
Even a modest increase is important for beneficiaries, as it helps them manage essential expenses like food, housing, and healthcare. As the final COLA percentage is announced, many are anxiously waiting to see how it will impact their finances in the coming year.
cola increase 2024
The Senior Citizens League estimates a 2.63% cost-of-living adjustment (COLA) for 2025 based on recent Consumer Price Index (CPI) data. This estimate is updated monthly and reflects the CPI-W, which is used to calculate the COLA for urban and clerical workers.
The CPI-W increased by 2.9% in May, and with a 3.2% COLA increase in 2024, the 2025 adjustment is expected to be between 2.6% and 3%.
Cola Growth Overview
Cost of Living Adjustment Statement
While the exact cost-of-living adjustment (COLA) for 2025 has not yet been confirmed, it’s important to stay informed. This estimate provides a useful preview, but the final adjustment will depend on future inflation data and official announcements.
To ensure you receive accurate and timely updates, regularly check the Social Security Administration’s website and monitor any notifications about your benefits. By being proactive, you can better plan for any changes to your COLA and manage your finances effectively.
COLA rate increases over the past 6 years
| Raise COLA Rates | Year |
|---|---|
| 2.80% | 2019 |
| 1.60% | 2020 |
| 1.30% | 2021 |
| 5.90% | 2022 |
| 8.70% | 2023 |
| 3.20% | 2024 |
How to Apply Online COLA Increase 2025?
- Make sure you qualify for the 2024 COLA increase, typically for Social Security beneficiaries.
- Go www.ssa.gov To start.
- Access your “My Social Security” account or create one if you don’t have one.
- Visit the Benefits area to review or manage your COLA application.
- Follow the instructions to apply or confirm the COLA update.
- Submit your application and check your account for confirmation and updates.
- For any issues, contact the SSA through their website, phone, or local office.
questions to ask
How is COLA percentage determined?
This is based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Employees (CPI-W) from July to September.
When are COLA increases announced?
COLA increases are announced each year in October.
How do I know if I’ll get a COLA increase?
COLA is usually applied automatically. Check your Social Security account or official SSA notifications for details.