This Is What You Can Expect From Social Security in 2025

Published: Sep 10, 2024 Duration: 00:02:49 Category: People & Blogs

Tags : social security social security increase social security cola social security benefits social security update today social security update social security news social security cola 2025 cola 2025 social security cola prediction Social Security 2025 social security disability 2025 Social Security How will Social Security change in 2025? Dollar Pro social security cola 2025 projection This Is What You Can Expect From Social Security in 2025

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Social Security is expected to increase in 2025 but it likely won't be as much as we've seen for the last few years this increase in benefits is due to Rising inflation but it brings the program's solvency under even more scrutiny we recommend a diverse investment strategy for retirement planning future retirees should preferably not put all their eggs into the Social Security basket read our free report two dividend Legends to hold forever 70.6 million people receive Social Security benefits and around 30% of all retirement income comes directly from Social Security simply put it's a huge deal for retirees as inflation continues to impact everyday expenses the program's cost of living adjustments Cola are set to play a crucial role in 2025 with benefit increases expected for many retirees the adjustment will provide much needed relief from rising prices however this raise isn't without its downsides concerns over Social Security's long-term sustainability have been clear for a long time according to the SSA the program will only be able to pay 75% of promised benefits by 2035 we'll explore how inflation affects Social Security and what beneficiaries can expect in 2025 below inflation plays a critical role in determining the annual adjustments made to Social Security benefits the government calculates these adjustments known as cost of living adjustments Cola based on changes in the consumer price index for urban wage earners and clerical workers CPI this index tracks the price for goods often purchased by Urban wage earners and clerical workers AKA your average family it's a way to track inflation based on what the average American worker sees on the ground when inflation Rises the cost of everyday goods and services increases making it more expensive for retirees and other beneficiaries to maintain their standard of living to ensure that retirees can still afford to survive Social Security benefits are adjusted according to this index each year experts predict another Cola increase in 2025 due to ongoing inflationary pressures we do not have exact numbers yet but this increase will likely be smaller than it was during the covid-19 years for context the cola for 2023 was 88.7% one of the largest in decades 2025 will likely have a substantial increase just not that substantial retirees shouldn't expect such a massive increase which may not be great for those struggling with costs but you should expect to see something the impact of these adjustments can be especially significant for those who rely heavily on Social Security as their primary source of income even a small Cola increase can make a big difference in covering day-to-day expenses for many low-income retirees

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