Written By: Anushka
Social Security benefits are set to increase by $460 by 2030. This rise is crucial for retirees facing rising living costs.
Millions of U.S. retirees depend on Social Security. The upcoming increase will help cover living expenses amid inflation.
Social Security payments have evolved to meet economic and demographic changes. This assures benefits reflect current needs.
By 2030, average benefits are expected to be $2,363, up from $1,900. This 28% increase is due to the cost of living adjustment (COLA).
The COLA aims to preserve purchasing power for beneficiaries. The $460 increase is based on a 3.6% COLA projection.
Over the past five years, COLA has varied: 2023: 3.2%, 2022: 8.7%, 2021: 5.9%, 2020: 1.3% and 2019: 1.6%
Projections suggest a 2.6% to 3.2% COLA increase in 2025. This will further boost Social Security payments.