Social Security COLA Likely to Rise to 2.6% in 2025 Amid Inflation Concerns
The Senior Citizens League forecasts a 2.6% cost-of-living adjustment for Social Security benefits due to rising inflation, with many seniors concerned it won't cover increased living costs.
- March inflation data prompts a revised COLA forecast for 2025, increasing from an earlier estimate of 1.75% to 2.6%.
- Despite the forecasted increase, 71% of surveyed seniors report that their expenses exceed their current benefits.
- Increased COLA could lead to higher taxes for some beneficiaries, with 23% reporting new tax liabilities.
- Economists warn that inflation may continue to impact cost-of-living adjustments, complicating financial planning for retirees.
- Seniors with outstanding student loans face potential garnishment of Social Security benefits, adding to financial strain.
Fox Business 
NJ.com 