Every year, retired seniors in New Jersey and across the country anxiously await the announcement of the annual Social Security Cost of Living Adjustment (COLA). This year’s announcement is slated for October 2024 for the COLA that will take effect in 2025. According to several reports, next year’s COLA is looking lower.
The COLA estimate provided by the Senior Citizens League has been revised downward from 2.66% to 2.57%. This new estimate factors in the inflation numbers recorded in June. Both estimates were much lower than 2024’s COLA of 3.2% and even lower than 2023’s COLA of 8.7%.
As inflation is expected to cool off, estimates aren’t expected to change all that much. However, the COLA will not be announced until October by the Social Security Administration, so there is still time for more changes.
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