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Social Security’s 2.5% COLA for 2025—Is It Enough?
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Subscribe15 OCT 2024 / FINANCE
The Social Security Administration has announced a Cost of Living Adjustment (COLA) of 2.5% from January 2025 for more than 72.5 million Americans receiving Social Security and Supplemental Security Income, amounting to roughly an extra $50 each month per retiree. Critics argue that the modest rise does not sufficiently cover the rising costs faced by seniors, particularly healthcare, and note that there may be a need to revise the index used to calculate COLA.
So here we are again: another year, another Social Security COLA adjustment. But this time, it’s a modest 2.5%. Now, before you ask, "What’s up with that?" let’s break it down. The Social Security Administration (SSA) just announced that starting January...
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