Social Security Just Received Its First Data Point to Determine the 2026 Cost-of-Living Adjustment (COLA). Here's Where Things Stand Now.

A growing number of retirees are heavily reliant on Social Security to make ends meet.In the most recent iteration of an annual poll from Gallup, 62% of retirees said Social Security is a major source of income for them. That's up from 60% last year. Another 24% said their monthly benefits represent a minor (although meaningful) source of income in retirement.For any retiree using Social Security payments as a key factor in planning their budgets, few things have a bigger impact on their spending plans than the annual cost-of-living adjustment, or COLA. The COLA is designed to help Social Security payments keep up with the rising cost of goods and services, but many seniors have suffered in recent years as inflation has pushed prices higher on just about everything.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool