Social Security recipients can expect a 2.5% cost-of-living adjustment (COLA) increase in their payments starting in 2025 amid cooling inflation.
On Thursday, the Bureau of Labor Statistics reported the 12-month consumer price index inflation rate hit 2.4% in September.
The Social Security Administration calculates the annual COLA based on consumer price growth in the months of July, August and September.
That, advocates say, is proof that seniors and other Social Security recipients are facing a declining standard of living.
“Congress knows this problem is going on, but the gridlock can’t seem to solve anything, much less the third rail of politics that is Social Security,” said Shannon G. Benton, executive director of the Senior Citizens League, an advocacy group.
Persons:
”, Mary Johnson, Shannon G, Benton
Organizations:
of Labor Statistics, Social Security Administration, for Social Security, Data, Bureau of Labor Statistics, Social, Social Security, CPI, “, Senior Citizens League
Locations:
Washington