2025 Social Security COLA Increase Falls Short
The Social Security Administration (SSA) is boosting retirement benefits for next year by a modest 2.5 percent. According to MarketWatch, this cost-of-living adjustment, or COLA, doesn’t “go far enough for retirees who are already stretched thin by consumer prices that remain stubbornly high.” It equates to an extra $48 per month on average. It’s really not going to help out the millions of struggling seniors.
A study by the National Council on Aging and LeadingAge LTSS Center at UMass Boston found that “about half of adults ages 60 and older can’t cover their basic needs of housing, food, transportation and healthcare.” The article states that the slight boost from COLA won’t make much of a difference to those living in such tight financial circumstances.
Fortunately, there is hope for struggling seniors. The Seniors Trust is committed to improving the financial well-being of America’s retirees through the passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual COLA, increased minimum benefits, and will ensure the long-term solvency of the Social Security program.
