Reported 4 months ago
In early 2024, Social Security beneficiaries saw a 3.2% increase in benefits, less than the 8.7% seen in 2023. The Senior Citizens League predicts a 2.66% raise for 2025. President Biden aims to revamp Social Security by changing COLA calculations from CPI-W to CPI-E for better reflection of retirees' expenses, ensuring a rise in benefits even without an increase in the index. Biden also proposes a uniform increase in baseline benefits for seniors and taxing earnings over $400,000 to sustain Social Security's financial health.
Source: YAHOO