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 […]
Tag: COLA
Social Security’s 2025 COLA Forecast Just Improved. Here’s the Latest Estimate
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 […]
The April Inflation Report Is a Double-Edged Sword for Social Security’s 2025 Cost-of-Living Adjustment (COLA)
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, […]
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Social Security Recipients Who Retired During the Pandemic Era Face a COLA Shock Next Year. Here’s Why.
If you first started claiming Social Security in the past couple of years, you’ve experienced something very different than those who retired and got their benefits before you. The annual Social Security benefits increases that came your way have been generous raises that gave you a good amount of extra money in your checks. That […]
Here’s the Average Social Security COLA From 1975 to 2023
There are lots of wonderful things about Social Security. For example, almost every American worker can qualify for it easily, and you don’t have to save and invest over decades in order to earn it. (You’re simply taxed throughout your earning life, thereby contributing to the pool of funds from which beneficiaries are paid.) One […]
A 2025 Social Security COLA Estimate Is Here, But It May Be Useless Without This Number
Millions of older Americans today collect a monthly paycheck from Social Security. And it’s that money that helps many retirees cover essential bills from food to housing to transportation. In fact, some seniors are so reliant on Social Security that each year, they eagerly await news of a cost-of-living adjustment, or COLA. In 2024, for […]
Here’s When the 2025 Social Security Cost-of-Living Adjustment (COLA) Will Be Announced
The 3.2% 2024 Social Security cost-of-living adjustment (COLA) raised the average benefit by $59 per month. But that was little comfort to seniors, many of whom reported their expenses rising by more than $185 per month in 2023, according to The Senior Citizens League (TSCL). Though the 2025 COLA is a ways off, it’s already […]
Social Security’s 2025 Cost-of-Living Adjustment (COLA) Forecast Is Climbing, But Seniors Aren’t Going to Be Happy
When most Americans reach retirement age, they become reliant, in some capacity, on their Social Security income. Over the previous 22 years, annual surveys from national pollster Gallup have found that between 80% and 90% of then-retired workers lean on their monthly benefit as a “major” or “minor” source of income. Considering how vital Social […]
After the 2025 COLA Takes Effect, Here’s How Much the Average Benefit Could Go Up at 62, 67, and 70
Social Security retirees are in line for a raise in 2025. But just how much more will the average retiree get when their new checks start coming in January of next year? Here’s what you need to know. Image source: Getty Images. Expect a 2.6% cost-of-living adjustment next year No official announcement has been made […]
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The Federal Reserve Just Indicated Social Security Could Get a Bigger 2025 Cost-of-Living Adjustment (COLA) Than Expected
The Federal Reserve may have just given retirees the biggest indication yet that their 2025 cost-of-living adjustment (COLA) may be quite substantial. The Fed is tasked with a dual mandate: to maximize employment while maintaining stable prices. Over the past three years, it’s been in a battle with ongoing inflation. Its biggest goal right now […]