It's Official: Social Security Benefits Get a 2.5% COLA in 2025, but It Comes With Bad News for Retirees

The Social Security Administration released news on Thursday, Oct. 10, explaining that beneficiaries will receive a 2.5% cost-of-living adjustment (COLA) in 2025. That means the average monthly retired worker benefit will increase from $1,920 in August 2024 to $1,968 in January 2025. Retired workers haven't received a smaller raise since 2021.Unfortunately, there is more bad news. The Senior Citizens League, a nonpartisan advocacy group, estimates benefits have lost 20% of their purchasing power since 2010 because COLAs have failed to keep up with inflation. That pattern is set to continue next year.Here are the important details.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool