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The Latest on 2025 COLA Watch
Adam Levy notes The Senior Citizens League updated its cost of living adjustment (COLA) forecast after the most recent consumer price index (CPI) data from May. It now surmises seniors will receive a 2.57% bump in their Social Security checks next year, down from its previous outlook for 2.66% and well below the 3.2% COLA seniors received this year. But a lower COLA could turn out to be a pleasant surprise for retirees. It means prices are rising less fast. A smaller bump will also mean fewer people will surpass the threshold where taxes are due, and those that already pay taxes will have less of the increase taxed than of COLA were higher. Full piece here.
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