2025 COLA REVEALED

Published: Sep 08, 2024 Duration: 00:04:18 Category: People & Blogs

Tags : Retirement Income retirement social security Retirement planning retire COLA Retirees baby boomers retirement travel retirement lifestyle retirement fear laney and Alex our retirement journey getting ready for retirement enjoy retirement retire now

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so thanks for watching today's video we really greatly appreciate you watching our videos but before we get started today uh there is an urgent warning that we have to give you so please do not take our financial advice this is not a financial advisor uh Channel and we are not financial advisors so please seek professional advice if you feel it necessary absolutely end of warning thank you so much for watching our channel uh we'd love to hear your experience with the increase in costs and how are you dealing with that please subscribe and give us a thumbs up and comment below yep so well folks based on a recent AARP article the analysts have estimated what the 2025 Cola cost of living increase amount will be and we've linked that article Below in our comment in our in the YouTube video wherever you stick it down there somewhere Alicia monel director of the center for Retirement Research at Boston College says that continued cooling of inflation could produce a 225 adjustment of between 2.6 and 2.9% yeah so a cola that matches the higher of that range of 2.9% would increase the average social security recipient which was in July of this year 2ou sorry $1,870 it would give them a whopping $54 a month increase in their benefit and what do you think about that will $54 a month help you with the increasing costs of items it just seems to be spiraling out of control yeah uh we're all paying attention to what we're paying in the grocery store stores and really for all of our goods and services yeah I mean I don't know where these numbers are coming from I mean when did a couple go to McDonald's and pay $30 for a meal it's crazy my mother who's aging um was bu she has a cat and she buys the same cat food and about three years ago she paid about $18 for one bag of the cat food I picked her up a bag last week it cost $33 for the same cat food that's Almost 100% increase in price mhm yeah which is ridiculous yeah and also the size of the packages are decreasing and you might be paying the same amount but you're getting less of the product yeah and that just seems to be everywhere yeah and according to rent.com the US median monthly rent Rose from 1614 in March of 2020 to 2038 in July of 2023 making it over a 26% increase in just 3 years and we'll go ahead and Link that information below as well right I mean it's getting increasingly more difficult for retirees on fixed incomes to make it it seems like these inflation numbers are cherry-picking items that they're quoting in their inflation numbers because we all know of examples of items that are costing double what they were just a few years ago and I'll tell you right now it's just common sense if the retirees Social Security kept up with inflation retirees would not be struggling they would be doing the same as they've always been doing because their social secur increases would match the cost and the goods and services that they're purchasing but that's not the case so uh definitely they're cherry-picking the numbers so yeah it's um pretty awful yes and please go ahead and leave a comment below tell us what your experience is with this what have you noticed in your area with the price increases or Shrink infation or anything like that we'd love to hear uh what other people are experiencing as well yes and please subscribe and a comment and give us Thum give us a thumbs up thanks for watching thanks so much we'll see you next time

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