Are you ready for the changes that will be made to your Social Security benefits in 2025?
– COLA stands for Cost-of-Living Adjustment. – It's how Social Security keeps up with inflation. – Your monthly benefits go up (or rarely, down) based on the COLA.
Data source: Social Security Administration, U.S. Labor Department.
– Prices have been soaring – groceries, housing, everything! – The 2025 COLA will impact how much money seniors have each month.
– Experts predict a COLA between 2.4% and 2.6% for 2025. – This is a decrease from the 3.2% COLA in 2024. – While a smaller COLA suggests some easing of inflation, it may not fully offset rising costs for seniors.
– Social Security Disability Insurance (SSDI) also gets adjusted by the COLA. – Those on SSDI will see their benefits change in 2025.
– Stay informed: Check trusted sources for updates as they're released (around September 2024). – Budget carefully: Prepare for the possibility of a smaller increase than in 2024. – Explore other options: See if you qualify for any supplemental programs.
https://www.ssa.gov/
https://www.aarp.org/