Skip to main content

MY PREDICTED SOCIAL SECURITY INCREASE FOR 2025

 

by Charles W. Forsythe (The Forsythe Firm)--June 3, 2024

I am predicting a Cost of Living Adjustment (COLA) of about 2.6 percent for 2025.

If this prediction holds up, Social Security recipients will have an extra $2.70 for each one hundred dollars in benefits. For example, if your 2024 benefit amount is $1,500 per month, your 2025 benefit would increase to about $1,539. (*)

How does Social Security calculate the COLA each year?

The actual increase is based on the percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers from the third quarter of the previous year. The calculation is usually made in October, announced in December, and goes into effect in January.

So, the actual COLA will be calculated in October, 2024 and announced in December 2024. It will go into effect January, 2025. The amount may be lower or higher than our prediction.

*Disclaimer: We are making our estimate on very early inflation indicators. No one should make any financial plans or decisions based on a potential COLA until the government announces the actual COLA, if there is one. The actual COLA could be more or less than we have predicted. The 2024 COLA was 3.2 percent--unusually high -- due to higher inflation in the third quarter of 2023.

The Forsythe Firm is not a financial expert and our prediction is not based on the opinion of any qualified economist or statistician. Our prediction is not sanctioned by the Social Security Administration or any part of the US Government. Let's see how close our prediction turns out to be.


Comments

Post a Comment

Popular posts from this blog

WHAT YOU WILL BE ASKED AT A DISABILITY HEARING

Most Social Security disability claims will be denied twice:  First at the end of the Application process, and again after the "Reconsideration" process.  The third stop will be a hearing before a federal Administrative Law Judge (ALJ). It is here at the hearing level that most SSDI claims are paid.  So, what do you need to know about your Social Security disability hearing?     First, the judge will follow the rules established by the Social Security Administration.  His or her job is to determine whether you meet the particular laws and rules to receive disability payments.  So, it is a legal proceeding where you must prove certain things in order to get paid. Among the things you must prove:  Your insured status with Social Security:  You have worked recently enough and paid into the Social Security trust fund to gain the required "work credits" to support your claim.  You have a severe medical or mental impairment supported by adequa...
Post a Comment
Read more

CAN YOU WIN YOUR DISABILITY APPEAL WITHOUT A LAWYER?

The Social Security Administration does not require you to have a lawyer to file an appeal or to appear at a hearing.  However, most people heading for a disability hearing will hire a lawyer or advocate to help them.   Studies have shown that you are about twice as likely to win with a lawyer.  A recent study found that claimants with no lawyer win about 30 percent of the time while claimants with a lawyer or advocate win 60 percent of the time.   " He just cooked his own goose." These statistics cover only one aspect of a disability appear--your odds of winning. The other important aspects are time and convenience. If you prepare and adjudicate your own disability appeal, expect to spend 12 to 24 months working on the case.  You will be collecting, reading and submitting hundreds or thousands of pages of medical records.  These records are complex and often difficult to understand.  And you must know how each medical record helps (or hurts) your dis...
Post a Comment
Read more

MISTAKES THAT RUIN A SOCIAL SECURITY DISABILITY APPLICATION

MISTAKES THAT RUIN A SOCIAL SECURITY DISABILITY APPLICATION  The paperwork for Social Security disability is daunting:  page after page of never-ending questions.  But, since most applications will be denied, it behooves you to complete the application correctly.  Here are some mistakes on your Social Security disability application that may ruin your claim.   Failing to Fill Out the Forms —The Social Security Administration (SSA) will send you a lot of forms to fill out. It’s up to you to make sure that you fill out every part of those forms correctly.  Don’t forget: if a question doesn’t apply to you, put “not applicable” or “N/A” in the provided space.   Do not leave anything blank. Return all forms within 10 days. If you don't your application may be discarded or withdrawn. Writing Illegibly —If your case reviewer can’t read your answers, then he/she can’t really say that you answered that question. Be sure the  answers to questions are nea...
Post a Comment
Read more