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The Social Security Administration announced the Cost of Living Adjustment (COLA) for 2025. Recipients will see a 2.5% increase in their benefits starting with the January 2025 disbursements.

The increase is the smallest since 2020 when the COLA was 1.9%.

Here is a history of the past 10 years:

• 2015 0.0
• 2016 0.3
• 2017 2.0
• 2018 2.8
• 2019 1.6
• 2020 1.3
• 2021 5.9
• 2022 8.7
• 2023 3.2
• 2024 2.5

According to a Kiplinger article%20Monthly%20Statistical%20Snapshot.) from earlier this year, the average Social Security check is $1928.48. A 2.5% increase on that amount would raise the payment by $48.21 bringing the average check to $1976.69.

The highest increase in the last 50 years was 14.3% in 1980. Three times since 1975 there have been no increases at all 2009, 2010, and 2015. Last years increase was 3.2%.

For a 50 year history of COLA increases follow this link.

What do you think?

Is the 2024 COLA increase fair? Please leave a comment below.

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