The latest projection for 2025’s Social Security increase is out but is likely still bad news for million of recipients.
Published: Jul. 15, 2024, 6:18 a.m.The latest projection for 2025′s Social Security increase is up slightly from last month’s figure but is likely still bad news for millions of recipients.rose to 2.64%, up from the 2.57% forecast last month. The change was due to the rate of inflation as measured by the Consumer Project Index used to calculate the increase, which fell to 3%. COLA estimates change monthly based on the latest CPI data.
“Rising grocery prices are creating food insecurity for many retirees. Feeding America estimated that 5.5 million Americans age 60 and above suffered from food insecurity in 2021, in the most recent study available on the subject, and that number is likely higher today,” Moore said in a statement. TSCL’s 2024 Senior Survey of more than 1,550 respondents showed 34% of retirees said they’ve visited a food pantry or applied for food stamps over the last 12 months. Sixty percent said food was their fastest-growing expense in their monthly budgets, more than double the next hardest-hit expense category, housing.
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