The new forecast suggests a significant increase in Social Security benefits for 2025 due to higher inflation rates.
Retirees and beneficiaries are expected to see higher monthly payments to help offset the rising cost of living.
Early estimates predict a COLA (Cost-of-Living Adjustment) of around 3.2% for next year, which would raise benefits.
COLA adjustments are designed to ensure Social Security payments keep pace with inflation, preserving beneficiaries' purchasing power. –
The upcoming COLA adjustment follows a trend of rising benefits over the past few years, which have been above-average increases due to inflationary pressures.
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The COLA calculation relies heavily on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), with inflation data being central to the prediction