Social Security is an essential lifeline for many retirees. About half of households with someone age 65 or older receive at least 50% of their income from the program, according to data collected by the Social Security Administration. Without Social Security, millions of seniors would be living in poverty. Since many seniors are reliant on […]
In May, a little over 51 million retired workers took home an average Social Security benefit of $1,916.63, which works out to about $23,000 on an annualized basis. While Social Security payouts aren’t going to make anyone rich, they’ve historically played a key role in laying a financial foundation for America’s aging workforce. According to […]
There’s a big Social Security change that happens year after year. Social Security benefits are eligible for annual cost-of-living adjustments, or COLAs. The purpose of these raises is to help recipients maintain their buying power as inflation pushes the cost of living upward. In 2024, Social Security beneficiaries saw their monthly checks rise by 3.2%. […]
In May, 51 million retired-worker beneficiaries took home an average Social Security check totaling $1,916.63, which works out to $23,000 on an annualized basis. While this might not sound like a game-changing amount of money, the average retiree would struggle mightily without their guaranteed monthly benefit. Over the last 23 years, national pollster Gallup has […]
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If you’re a salaried worker, you probably find yourself getting a bit antsy toward the end of the year if that’s when raises are typically announced at your workplace. Similarly, many Social Security recipients are already eager to know what their 2025 cost-of-living adjustment, or COLA, will amount to. Social Security benefits are eligible for […]
The latest estimate of Social Security’s cost-of-living adjustment for 2025 slipped to 3% after the government reported 3.3% inflation in May, new calculations showed Wednesday. The 2025 COLA adjustment eased as inflation moderated after an uptick earlier this year. But it still likely underestimates what seniors need to keep up with inflation, said Mary Johnson, […]
In 2023, seniors on Social Security saw their benefits rise by 8.7% as one of the most generous cost-of-living adjustments, or COLAs, arrived in the midst of soaring inflation. This year’s COLA, however, was far more modest, coming in at just 3.2%. Meanwhile, next year’s Social Security COLA estimates are coming in even lower so […]
In 2022, the U.S. was hammered by the fiercest inflation it had faced in four decades amid the lingering macroeconomic disruptions and supply chain issues that followed the COVID-19 pandemic. As a result, in January 2023, Social Security beneficiaries got an 8.7% cost-of-living adjustment (COLA) — the largest increase since the early 1980s. But many […]
Social Security is a vital source of income for the majority of retirees. About half of households with someone age 65 or older receive at least 50% of their income from Social Security, according to data collected by the Social Security Administration. Six in 10 retirees say the program is a major source of income […]
October is always a big month for seniors on Social Security. The reason? It’s the month when the Social Security Administration announces what cost-of-living adjustment, or COLA, recipients will be privy to in the coming year. In 2023, seniors on Social Security received a whopping 8.7% COLA — the largest to arrive in decades. But […]
For most current retirees, Social Security provides income they simply couldn’t do without. A 2023 survey from national pollster Gallup found that 88% of retirees lean on their Social Security benefit as a “major” or “minor” source of income. Considering how important Social Security income has been to the financial well-being of seniors for decades, […]