Soc. Sec. could get a 2.6% COLA in 2025

Knight

Knight

Well-known Member
The article is to long to post in it's entirety

The Senior Citizen League (TSCL), a nonprofit advocacy group, estimated last month that Social Security benefits would get a 2.7% cost-of-living adjustment (COLA) in 2025.

That forecast was recently revised lower because inflation cooled more than anticipated in May. Social Security benefits are now on pace to get a 2.6% COLA next year, according to TSCL statistician Alex Moore. That aligns with the estimate from the Social Security Board of Trustees.

MSN
 

I already started a thread on this topic on May 29th. For some reason I can't get the link for it to work. But if you scroll through the Financial category threads, you'll see it.
 
Knight said:
The article is to long to post in it's entirety

The Senior Citizen League (TSCL), a nonprofit advocacy group, estimated last month that Social Security benefits would get a 2.7% cost-of-living adjustment (COLA) in 2025.

That forecast was recently revised lower because inflation cooled more than anticipated in May. Social Security benefits are now on pace to get a 2.6% COLA next year, according to TSCL statistician Alex Moore. That aligns with the estimate from the Social Security Board of Trustees.

MSN
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My biggest concern is whether Medicare Part B premiums are going to increase in 2025. If so, that would take a big bite out of our 2.6% COLA.
 

The SS COLA has average 3.5% over the long term. Given that the inflation rate is currently at about 3.3%, I suspect that the mid 3% area is where the SS COLA will be. Unless inflation nosedives in the next few months. Or takes off for the moon.
 
Brookswood said:
The SS COLA has average 3.5% over the long term. Given that the inflation rate is currently at about 3.3%, I suspect that the mid 3% area is where the SS COLA will be. Unless inflation nosedives in the next few months. Or takes off for the moon.
Click to expand...
Hope you're right about the mid-3% range. Isn't it interesting that inflation allegedly appears to be lessening in an election year or am I just being overly cynical?
 
Given the week’s info on inflation, we may very well see that 2.6% raise next year, not the 3% or more I’ve been thinking about. We’ll see what happens. Whatever SS increase you get, don’t spend it all in one place.
 
June numbers seem to indicate a 0.1% ~ 0.2% monthly rise, which translates to 3.0% ~ 3.1% annual rate. July and August are forecast to be a bit higher, 0.2% ~ 0.3%, with July y/y at 3.1%, but August at 2.8%~2.9% y/y. September is expected to shallow out or possibly go negative on the month and settle at 2.6% y/y.

Those are all CPI-U numbers, and COLA is based on CPI-W from July, August and September. At this point in time, I would project 2.8%~3.0%, until July 11th, when actual June numbers are released.
 
It's still too early to be predicting the SS COLA. The only numbers that count are the CPI-W for the 3rd quarter. That's July, August, and September. The first of those three numbers, the July cpi-w won't be released until Aug 14.
 
Last week I saw 2.36% mentioned in an article. It may have been USA Today, which I was reading on my tablet. For some reason I couldn't grab the link.
 
I just read a prediction from what I consider a knowledgeable source. He is predicting a 2.7% SS increase for next year. Of course, he would be the first to tell you this is an estimate and not certain. These estimates are starting to coalesce around the mid to higher 2% area.
 
Understanding that is not actually the actual cost of inflation. Look at 26% on a Credit card, 9% on a Mortgage for 30 years with an adjustable percentage rate. Sure, u doing all right with your milliohns. Yea your home is going up in value $15,000 a year. U gonna need it.

Wait a minute Home Health care with you confined to your bed is 10's of $1000 a month. Uh huh why worry about that.
 
OneEyedDiva said:
They usually do increase but maybe they'll be merciful and increase it only by .6%. Well...one can hope! :rolleyes:
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Everyone wants an increase every year. But do we really need it? We keep reading and hearing about the Social Security fund will soon be depleted. If they keep giving us raises every year, won't that make the SS fund become depleted sooner? Why not wait a few years? I for one can accept that. Then again, I'm a cheapskate that doesn't spend a lot of money.
 

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