Social Security benefits expected to rise in 2025 due to inflation: Key details #cola

in 2025 Social Security benefits are projected to increase by around 2.57% due to inflation potentially giving retirees an additional $47 per month on average however this adjustment might be offset by a rise in Medicare Part B premiums retirees will benefit from the cost of living adjustment Cola as long as they are at least 62 years old regardless of when they start claiming benefits contrary to some advice lower inflation has led to a smaller Cola increase compared to previous years the Social Security Administration will finalize the cola figure in October based on third quarter inflation data many retirees are still facing Financial challenges due to inflation and increasing taxes on their benefits