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Social Security increase 2025: Here's the latest forecast, which is the smallest in 3 years

According to the latest estimates from the Senior Citizens League, there could be a 2.5% increase in social benefits in 2025.

The Consumer Price Index – the index used to calculate the cost-of-living adjustment (COLA) for Social Security – fell to 2.5% last month.

COLA forecasts change monthly based on the latest Consumer Price Index data.

The final amount for the 2025 COLA will differ from projections because the COLA is calculated based on the third quarter average inflation rate and then compared to the previous year's calculation.

The COLA fell to 3.2% this year, well below the record increase in 2023.

According to the Social Security Administration (SSA), the average monthly benefit will be $1,783.55 starting in August 2024.

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Katherine Rodriguez can be reached at [email protected]. Do you have a tip? Tell us at nj.com/tips.

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