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Joe Biden's Plan to Save Social Security Could Lead to Higher COLAs

TheMotleyFool

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Joe Biden's Plan to Save Social Security Could Lead to Higher COLAs: https://g.foolcdn.com/editorial/images/778954/social-security-cards-6_gettyimages-184127461.jpg

At the start of 2024, seniors on Social Security saw their benefits rise 3.2%. This year's cost-of-living adjustment, or COLA, pales in comparison to the 8.7% COLA that Social Security recipients got in 2023. But it's still one of the higher COLAs to arrive over the past 10 years.

Meanwhile, the nonpartisan Senior Citizens League recently updated their 2025 COLA forecast, and their latest estimate has next year's Social Security raise coming in at 2.66%. That's not quite as generous as this year's COLA, but it reflects that inflation has slowed to a notable degree.

Image source: Getty Images.

Source Fool.com