Posted 4/11/2024, 6:56:36 PM
Social Security Recipients May See Checks Rise $50-$60 Per Month in 2025 COLA Adjustment, But Some Worry It Won't Offset Rising Costs
- New prediction estimates a 3% COLA increase for Social Security recipients in 2025 due to high inflation
- This will likely increase monthly checks by $50-60 to help offset rising costs of housing, healthcare, etc.
- Even with COLA increases, poverty rates for seniors have been rising, hitting 14.1% in 2022
- Higher benefits can push some seniors into owing taxes on Social Security income
- Experts worry 3% may not be enough to cover rapidly increasing living expenses
