If you all are eagerly waiting for the official announcement of the cost-of-living adjustment in October,. You’re absolutely not alone. Millions of retirees depend on Social Security checks to keep up with inflation and pay for their retirement. But many are worried that the expected increases won’t be enough to offset rising inflation.
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What’s the Big Thing About COLA?
COLA is like a superhero for seniors. It’s an increase in salary, benefits, or wages that helps seniors ,people on their fixed incomes keep going with the continuously rising cost of living. And with inflation touching the sky, COLA is more important than ever.
Imagine you’re living on a fixed income, and suddenly, the prices of everything from groceries to healthcare, start rising. That’s where COLA comes in to help, it’s always a safety net that helps you keep up with the increasing costs.
In 2025, how much of the security check will go up?
In 2025, the Senior Citizens League predicts a cost-of-living increase of 2.63 percent. On the other hand, this is commonly an estimate. The increase that actually occurs can be different. And even if the pay raise of 2.63 percent is made official,.
- Retirement benefits will rise by 2.63%
- Survivor benefits will rise by 2.63%
- SSDI benefits will increase by 2.63%
But these increases might not be good enough to keep up with the continuously rising cost of living.
The challenge is Real
On account of the recent analysis by the Senior Citizens League, we now know that Social Security checks have lost 36% of their purchasing power since late 2000. In order to handle their daily expenses, elderly people need $516.70 more every month just to keep up with the inflation rate. Given that 1/3 of all older people think monthly bills will increase by 10% from 2022 to 2023, it is clear that the cost-of-living adjustment is insufficient.
Think about having to make a choice between paying for groceries and healthcare bills. That is the case for numerous old people who find it difficult to cope with increasing prices.
What steps can we take?
According to Mary Johnson, a Social Security and Medicare policy analyst, Congress must adopt a more accurate cost-of-living index and provide additional annual COLAs. Otherwise, the annual changes may not suffice to relieve the financial burden on seniors.
Let us unite for change! Our old people deserve it, death is not a good option for them or any other human being anyway. Older pensioners need to have their mouths filled with honey, rather than vinegar so that they can continue to feel valued members of society.
FAQs
What is COLA?
COLA is like a superhero cape for seniors, helping them keep up with inflation.
What can Congress do to help?
Provide more adequate annual COLAs and adopt a more accurate cost-of-living index.
How are benefits calculated?
Based on the earnings record.
What is the earnings limit for 2024?
$22,320.
Can seniors work while receiving benefits?
Yes, but earnings limits apply.
