The expected cost-of-living adjustment (COLA) for Social Security recipients is projected to fall short of adequately addressing the financial challenges faced by America’s senior population. According to Certified Financial Planner Matt Frankel, the latest COLA estimate from the Senior Citizens League, recently adjusted from 2.57% to 2.63%, does not sufficiently meet the needs of seniors. … Read more
In just a few weeks, the Bureau of Labor Statistics (BLS) will release the official Cost of Living Adjustment (COLA) for 2025, a critical update for those receiving retirement, survivor, disability, or Supplemental Security Income (SSI) benefits. On October 10, 2024, the official COLA increase for the following year will be confirmed, marking an important … Read more
Millions of Americans rely on Social Security benefits to cover essential expenses, manage inflation, and make ends meet. This month, over 71 million beneficiaries will receive their payments, including a 3.2% increase due to the Cost of Living Adjustment (COLA). COLA adjustments are based on inflation and are announced annually in October, with changes applied … Read more
Social Security benefits play a crucial role in ensuring that retirees and other eligible beneficiaries maintain their standard of living, especially during times of inflation. Each year, the Social Security Administration (SSA) adjusts the benefits based on the Cost of Living Adjustment (COLA), a mechanism designed to offset inflation’s impact on purchasing power. While this … Read more