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 […]
Tag: costofliving
Social Security’s Cost-of-Living Adjustment (COLA) Is Set to Disappoint for a 5th Time in 6 Years, and the Reason Why Is Clear as Day
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 […]
Social Security’s 2025 Cost-of-Living Adjustment (COLA) Is on Track to Do Something That Hasn’t Happened in 28 Years
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 […]
3 Reasons Retirees Could Be Surprised by the Most Recent 2025 Social Security Cost-of-Living Adjustment (COLA) Forecast
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 […]
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, […]
17,000 company-strong study of COVID greedflation shows most U.K. firms profited from historic cost-of-living crisis
The aftermath of the COVID-19 pandemic came with many “new normals,” not least hybrid working and rising prices. Suggestions are growing that the latter may not have been entirely the result of extraneous factors. A study of 17,000 British firms by the country’s Unite Union found that on average they increased their profit margins by […]
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 […]
Are Retirees on Track for a Pleasant Surprise When It Comes to Their 2025 Cost-of-Living Adjustment? The Answer May Not Be What You Think
Most years, retirees get a Social Security cost-of-living adjustment (COLA). This increases the amount of their monthly benefit. In January of this year, the Senior Citizens League (TSCL) projected retirees were on track for a 1.4% increase in 2025. That estimate has changed, though. At first glance, it may seem that the shift in direction […]
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 […]
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 […]
The Social Security Cost-of-Living Adjustment (COLA) Forecast for 2025 Was Just Updated, and It Comes With Bad News and Worse News for Retirees
Social Security payments get an annual cost-of-living adjustment (COLA) to protect the buying power of benefits from inflation. COLAs depend on how the CPI-W (a subset of the Consumer Price Index) changes in the third quarter, meaning the three-month period running from July through September. For example, the CPI-W rose 3.2% in the third quarter […]
The Social Security Cost-of-Living Adjustment (COLA) Forecast for 2025 Was Just Updated, and It May Surprise Retirees
Brisk inflation on the tail end of the pandemic led to a historic 8.7% cost-of-living adjustment (COLA) for Social Security benefits in 2023. Retired workers hadn’t received a pay raise that large in four decades. Yet, the 2023 Retirement Confidence Survey (RCS) conducted by the non-profit Employee Benefit Research Institute (EBRI) found that many retirees […]