Social Security's 2025 Cost-of-Living Adjustment (COLA) Is on Track to Do Something That No One Has Seen This Century

In July, more than 51.2 million retired workers brought home an average check of $1,919.40 from Social Security. This program, which was signed into law in August 1935 and doled out its first retired-worker check in January 1940, is vital to the financial well-being of most aging Americans.For 23 consecutive years, national pollster Gallup has questioned retirees about their reliance on the income they receive from America's top retirement program. Consistently, between 80% and 90% of retirees note that they need their monthly payout to cover at least some portion of their expenses.For retirees, nothing is more important or anticipated than the annual cost-of-living adjustment (COLA) reveal, which is now less than seven weeks away (Oct. 10, 2024). The exciting aspect of Social Security's 2025 COLA is that it's on pace to do something that no one has witnessed this century. But at the same time, it's still liable to leave retirees disappointed.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool