Will Social Security COLA go up in 2025 See how Ohio could be impacted by benefits increases

Social Security provides benefits to more than 71 million Americans including retirees veterans and dependents while benefits are initially calculated based on a workers's earnings record these payments would quickly lose value over time without adjustments to address this legislation passed in 1973 introduced annual cost of living adjustments Cola which began in 1975 the cola varies significantly from year to year for 2024 the Social Security Cola is 3.2% what is the estimated Cola for 2025 with 2 months of data still pending current estimates suggest a 2.57% cola increase for 2025 which would add about $50 per month to benefits according to the Detroit Free Press however according to the seniors League's 2024 loss of buying power study this increase would fall significantly short of covering the rising costs for seniors the study shows that retirees would need an addition $370 per month to maintain the same buying power they had in 2010 Additionally the estimate does not account for any potential increases in Medicare Part B premiums how much do Ohio NS receive from Social Security Cola according to the SSA website Ohioans who are beneficiaries received $ 4.23 billion in total payments each month in 2023 nearly 2.5 million Ohioans were beneficiaries of Social Security that included retired workers 1,779 n27 disabled workers 35,7 32 widows widowers and parents 159,900 spouses 7,28 children 147,148 4.6 million per month in total with new cost of living adjustment for 2025 that amounts to $ 1.01 billion total in additional benefit payments with Cola adjustments