With 2025 fast approaching, millions of Americans receiving Social Security benefits are anticipating the annual cost-of-living adjustment (COLA). Set at 2.5%, this adjustment will be applied beginning January 1st, offering a modest boost to payments. However, a few important details, including the impact of rising Medicare premiums, may temper the excitement for some beneficiaries. Social … Read more
Each year, Social Security beneficiaries eagerly await news about the Cost of Living Adjustment (COLA). For those on fixed incomes—where increases are tied to a set base amount rather than variable salary growth—any rise can offer relief, especially amidst lingering inflation and pandemic-related challenges. In 2024, inflation outpaced the COLA within the first half of … Read more
Social Security beneficiaries are familiar with the annual cost-of-living adjustment (COLA), designed to help maintain purchasing power amidst inflation. However, COLAs are not intended to increase benefits significantly—only to preserve their value relative to rising costs. This reality is why financial experts frequently advise against relying solely on Social Security for retirement income. Benefits were … Read more
When the Social Security Administration (SSA) announced the 2025 cost-of-living adjustment (COLA) of 2.5% on October 10, it sparked concern among many beneficiaries. While the adjustment reflects a cooling inflation rate, the modest increase has left many retirees wondering how far their checks will stretch in the new year. Let’s break down the impact of … Read more
With the holiday season approaching, many retirees and public assistance recipients are planning how the 2025 cost-of-living adjustment (COLA) will impact their finances. Set to take effect in January, this annual adjustment helps Social Security benefits keep pace with inflation. However, with a modest increase this year, many beneficiaries are concerned about whether the COLA … Read more