Social Security Benefits Get a COLA in 2025, but It Comes With Bad News for Retirees

Inflation has cooled substantially since peaking in June 2022, but elevated prices are still a problem for many retired workers. A recent survey from the Employee Benefit Research Institute, a nonpartisan research organization, found that 56% of retirees are worried they'll have to make big spending cuts to keep up with inflation.Social Security benefits will receive a 2.5% cost-of-living adjustment (COLA) in 2025 to compensate for rising prices across the economy. That's the smallest increase for Social Security beneficiaries since 2021, and most retired workers view the raise as insufficient, according to a recent survey conducted by The Motley Fool."The COLA increase is not substantial enough to outpace the growing costs faced by Social Security beneficiaries," said Kevin Thomson, a finance expert and CEO of 9i Capital Group. "This increase is likely to be overshadowed by rising costs in shelter and medical expenses over the past year."Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool