All articles tagged with #cost of living adjustment
Mississippi residents receiving SSI will get two payments in December, one on the 1st and another on the 31st, to avoid the New Year's Day holiday, with the next regular payment due in January 2026. Social Security recipients will see a 2.8% increase in benefits starting in January 2026, with payments scheduled throughout the year. The December double payment is the last of its kind for the year.
The Social Security Administration announced that SSI and Social Security benefits will increase starting late December 2025 due to an annual cost-of-living adjustment tied to inflation, with maximum federal SSI benefits rising to $994 for individuals and $1,491 for couples, though some advocates believe the increase is insufficient to match rising living costs.
The 2026 Cost of Living Adjustment (COLA) for Social Security beneficiaries, military retirees, and veterans will be 2.8%, resulting in an average monthly increase of $56 for Social Security recipients and varying increases for retirees and veterans, effective January 2026, to help offset inflation.
The announcement of the 2024 Social Security cost-of-living adjustment (COLA) has been delayed due to the ongoing government shutdown, which also affects the release of the Consumer Price Index. The delay impacts millions of beneficiaries, with projections of a 2.7% increase, but concerns remain about whether this will be sufficient to cover rising costs. Lawmakers are considering alternative measures, such as using the CPI-E, to better reflect the expenses faced by older Americans. The shutdown and workforce cuts threaten the financial stability of the Social Security program.
The announcement of the 2024 Social Security cost-of-living adjustment (COLA) has been delayed due to the ongoing government shutdown, which also affects the timing of benefit increases and highlights concerns about rising costs and the adequacy of current COLA calculations, with proposals to change the index used to better reflect older Americans' expenses.
The announcement of the 2024 Social Security cost-of-living adjustment (COLA) has been delayed due to the ongoing government shutdown, which also affects the timing of benefit increases and highlights concerns about rising costs and the calculation method for COLA, with proposals to change the index used to better reflect older Americans' expenses.
The government shutdown has delayed the announcement of the 2024 Social Security COLA, now expected on October 24, affecting millions of beneficiaries and highlighting concerns about the adequacy of the increase amid rising costs and proposed legislative changes to better reflect older Americans' expenses.
The Social Security Administration's annual COLA announcement for 2026, originally scheduled for October 15, will be delayed due to the government shutdown, with the new date set for October 24, coinciding with the release of September CPI data. The expected increase in benefits is around 2.7%, which may slightly raise monthly payments for retirees, but ongoing inflation pressures could impact the real value of these benefits.
Despite a federal government shutdown, Social Security payments will continue, but some services are limited, and recipients may see changes in their check amounts due to policy adjustments like overpayment recoupment and COLA increases. Payments are scheduled based on birthdate, and the 2025 COLA is set at 2.5%, providing a modest benefit increase.
The US will release September's CPI report on October 24 to determine the 2026 Social Security COLA, amid delays caused by a government shutdown affecting data collection, which may introduce volatility into the inflation data. The report's timing is crucial for benefits adjustments and upcoming Federal Reserve policy decisions.
President Trump has made a permanent change to eliminate paper checks for Social Security benefits by September 30, 2025, aiming to reduce scams and save costs. Additionally, several changes are expected in 2026, including a potential 2.7% COLA increase, higher maximum benefits for high earners, increased taxable earnings caps, and adjusted income thresholds for early filers and disability benefits.
In 2025, the full retirement age for Social Security will increase, with those born in 1960 and later reaching full benefits at age 67. This change is part of a gradual adjustment initiated by a 1983 law to align with longer life expectancies. Additionally, 2025 will see a smaller cost-of-living adjustment of 2.5%, an increase in maximum taxable earnings to $176,100, and the introduction of appointment-based services at Social Security offices.
The Social Security Administration is implementing changes next year to address inflation and financial stability for over 70 million recipients, including retirees, disability payment recipients, and veterans. Key changes include a 2.5% Cost-of-Living-Adjustment (COLA) to align payments with inflation, potential future increases in the retirement age, and a rise in the cap for taxable earnings from $160,200 to $176,100 by 2025. These adjustments aim to maintain purchasing power and ensure the system's long-term sustainability.
Social Security recipients are projected to receive a 3% cost-of-living adjustment next year, higher than expected due to accelerating inflation. This increase, if realized, would be a decline from recent years but still higher than the average over the past two decades. Many retirees are struggling to keep up with high inflation, with the typical household needing to pay significantly more for goods and services compared to previous years. Inflation has created financial pressures for U.S. households, particularly impacting low-income Americans, and while it has fallen from its peak, many families have yet to see relief.
The estimate for Social Security's cost-of-living adjustment for 2025 has increased to 2.4% due to a rise in inflation, but seniors still feel financially strained as expenses for essential items like shelter, medical care, and transportation continue to outpace the overall inflation rate. The 2024 COLA increase did not fully offset rising expenses for seniors, and more Social Security recipients are now paying taxes on their benefits due to income thresholds not being adjusted for inflation since 1984.