Reported 6 months ago
The article discusses how Social Security is a crucial income source for retirees, with many relying on it for a significant portion of their income. It highlights the importance of the annual Cost-of-Living Adjustment (COLA) based on inflation, and how the forecasted 2.66% increase for 2025 could surprise retirees due to factors such as ongoing inflation rates, consumer expectations, and the difference between the inflation experienced by seniors and the measurement used for COLA calculations. The article suggests that the actual costs experienced by seniors may be higher than reflected in the COLA increase, impacting retirees' buying power. Overall, these factors may lead to a disparity between seniors' expectations and the final COLA result.
Source: YAHOO