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Americans receiving Social Security payments may see less of an increase next year, according to a nonprofit group that represents senior citizens.
The Social Security Administration is poised to announce its yearly cost of living adjustment (COLA) for payments to 71 million Americans in the middle of next month, effective in January 2025. The government agency handed out a 3.2% increase for this year last October.
The Senior Citizens League expects a 2.5% increase for next year, based on inflation falling from 2.9% in July to 2.5% in August.
By law, the annual inflation adjustment is based on the average inflation during July, August, and September as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
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The Bureau of Labor Statistics averages the CPI-W for these three months and then compares it with the same time frame from the previous year. The percentage difference between the two is the COLA, payable for checks received in January 2025.
The league says the expected 2.5% increase will not be enough for seniors to meet the higher cost of living.
Nearly 80% of senior households report that their monthly budget for essential items like food, housing, and prescription drugs had increased over the last 12 months, according to a 2024 survey taken by the organization. Almost two-thirds — 63% — say they’re worried that their income won’t be enough to cover these basic costs in the coming months.
“Ensuring that seniors have enough to feed and house themselves with dignity is a major reason why we advocate for a minimum COLA of 3%,” said Shannon Benton, the league’s executive director.
She said about two-thirds of seniors rely on Social Security for more than half of their monthly income, and 28% depend on it entirely.
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