The average COLA increase will be less than expected
Unfortunately, even though everyone is talking about big changes, the benefit increase might not be as big as we hope and cover our expenses. Retirees are most likely not to have enough money to cover rising costs.
Once you see the official estimation of COLA on October 10, you will be able to imagine what your check will look like in 2025 by adding the new percentage to your current benefits. However, you will be able to access a personalized COLA notice from the Social Security Administration. They will be listing your exact amount for 2025, this year, in December.
As soon as you know how much you can get from the program, you can plan your budget for the next year and also work efficiently for your financial future. In case you are not expecting great news, you should start searching for other sources of retirement income. Some of the most common options are a new job, government benefits, and rental income.
4 Responses
Thank you for your information it was beneficial
Trump will fix it.
Every time Democrats are in office, the 3 months where the COLA is decided, suddenly prices come down ( lowering the COLA ) even the 2022 – 2023 8.9 % was lower than the Inflation before and after August to October ( before the 3 months its decided inflation was hitting 12 % and more. )under Obama in 2013 and 2014 there was 0 COLA, as Obama announced ” it will cost you nomore to live in the country this year, as it did last year ” 2 weeks later Gas was almost $4.00 a gal
Who wants to vote for Kamala since she has stated she will take money from Social Security to give to illegal aliens for health insurance and income.