Welfare recipients may need to lower their expectations for the amount of benefits they will receive next year. According to CBS News, retirees are expected to receive a $48, or 2.5%, increase in 2025, which is lower than the previously projected 2.57% increase.
The Senior Citizens League (TSCL), a seniors advocacy group, said the 2025 forecast is calculated based on the cost of living adjustment (COLA), which is based on the inflation rate.
When will recipients receive their Social Security check for 2025?
According to the latest information from the government Prices rose to 2.5% over the past 12 months. However, the official forecast won’t be made until October, after the Social Security Administration releases the numbers. The average recipient would receive a monthly benefit of $1,968 if the final number shows a 2.5% increase. Most recipients would receive their check in January.
The Social Security Administration looks at the average inflation rate from July to September and sets the annual COLA. The agency calculates the inflation rate using the Consumer Price Index for urban wage earners and office workers, which tracks Americans’ spending.
Shannon Benton, CEO of TSCL, said the minimum COLA should be 3%.
“Ensuring seniors have enough to feed themselves and live with dignity is a key reason we support a 3% minimum COLA,” Benton said in a statement to CBS News. “About two-thirds of seniors rely on Social Security for more than half of their monthly income, and 28% rely entirely on it.”
