The social security administration announced that there will be a 2.5% cost of living adjustment for social security in 2025. This calculation varies year to year dependent on the inflation reports. The current inflation report released October 10th, 2024 indicated that the current inflation rate is 2.4%.
While we take these adjustments into consideration when analyzing your retirement goals, FPS takes a conservative approach, and we assume there are no cost of living adjustments for your social security income.
Please read the below article to learn more about these updates:
https://www.cnbc.com/2024/10/10/social-security-cost-of-living-adjustment-for-2025-what-to-know.html