Well, it'll buy us 3/4 of a tank of gas for our truck for the month...provided gas prices don't continue to rise.
Social Security COLA Increase Slammed as New Estimate ReleasedAnew cost of living adjustment (COLA) prediction for Social Security has many seniors scratching their heads at how they'll stretch their benefits amid inflation.
The Senior Citizens League (TSCL) just predicted the COLA for 2025, saying beneficiaries can expect a 2.66 percent bump in benefits. Earlier in the year, the estimate was set at 2.6 and 2.4 percent.
If a 2.66 percent boost is implemented, it would likely increase monthly payments by around $50 for most recipients.
While the jump in monthly benefits would be better than the earlier predictions, many seniors were expecting a higher boost to deal with the impacts of inflation.
The Social Security Administration adjusts Social Security payment amounts every year based on the consumer price index, but not everyone feels the change would be enough to get by.
"While COLA payments will increase to offset the effects of inflation, the problem many have with the potential percentage jump is it won't get far enough to meet most of the financial needs of seniors," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. "Obviously daily expenses for this age group continue to rise, but the uptick in healthcare costs are putting an additional strain on them, and COLA payments may not be enough to match that uptick."..............
https://www.msn.com/en-us/money/retirement/social-security-cola-increase-slammed-as-new-estimate-released/ar-BB1mzFRq?rc=1&ocid=winp1taskbar&cvid=316e61a439df4be390eadd839f071d6e&ei=14