How Retirees Can Plan Now for Next Year’s Social Security COLA
Social Security has a built-in measure to help keep up with the cost of inflation. The annual cost-of-living adjustment (COLA) is announced each October and reveals how much benefits will increase — if at all. Early indications are that seniors could see a 2.6 percent COLA for 2025. That’s smaller than this year’s 3.2 percent and the previous year’s 8.7 percent.
That being said, there are some things that Social Security recipients can start doing now to prepare for a low COLA. Yahoo! Finance suggests you:
- Create a spending budget — and stick to it
- Always make — and use — a shopping list
- Take advantage of discounts for seniors
- Start a side hustle — tutoring or pet sitting are great options
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.
