LOUISVILLE, Ky. (WDRB) -- Millions of seniors that are struggling with higher prices were hoping for a nice bump in their social security checks next year.
But now, that's reportedly not going to happen.
More than 60 million older Americans rely on social security checks and every year, they look forward to a cost of living increase.
With the meager raise coming in January, many are left disappointed.
The annual cost of living increase is based on a simple formula. The government looks at the rate of inflations the past 12 months and then sets the increase accordingly.
For 2025, social security recipients will receive a 2.5% increase, mirroring the latest CPI. For 2024, it was a 3.2% increase, and 2023, 8.7%.
Senior advocates have said so many people depend on their social security check. With no IRAs or other financial means about them, they rely exclusively on social security.
2.5% may be better than nothing, but it does little to help with rising costs of groceries and everything else.
If inflation were to surge again next year, checks will go up higher next time.
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