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CLEVELAND (WJW) — Coming out of the pandemic, American bank accounts continue to feel the sting of inflation, and that includes retirees — and those who rely on Social Security.
The Senior Citizens League, a nonpartisan group focusing on issues that affect older Americans, raised its long-term forecast for the 2025 Social Security cost-of-living adjustment (COLA) to 2.6% (up from 1.7% the month prior), after seeing March inflation data.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) came in at 3.5%, higher than indicated by February data.
This comes after Social Security beneficiaries saw their monthly checks go up by 3.2% this year and 8.7% in 2023. The average COLA in recent years has been 2.6%, according to FOX Business News.
Of course, the Social Security Administration does not officially announce next year’s …