2025 Social Security Payment Increases Likely Smaller, Analyst Says

Published on February 16, 2024

A policy group predicted that the cost-of-living adjustment (COLA) for next year’s Social Security payments may be far lower than the past several years—due to inflation. When inflation goes up, the Social Security Administration uses it to determine the COLA for the forthcoming year. Some economists have predicted the main inflation metric, the consumer price index for urban wage earners, may go down this year due to the recent interest rate hikes issued by the Federal Reserve. According to the policy group, the Senior Citizens League, based on the 2.9 percent January consumer price index for urban wage earners, the group is “adjusting the long-term forecast COLA to 1.75 percent in 2025.” The overall consumer price index rose 3.1 percent last month, according to federal data....

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