Social Security's 2025 Cost-of-Living Adjustment (COLA) Will Be Missing an Important Silver Lining for a Second Consecutive Year
In July, America's leading retirement program, Social Security, sent out an average payment of $1,919.40 to more than 51 million retired-worker beneficiaries. Despite this payout being modest, it forms the financial foundation for most aging Americans.
For the last 23 years, national pollster Gallup has surveyed retirees in order to gauge how reliant they are on their monthly Social Security benefit. Over this span, 80% to 90% of retirees have noted they require their Social Security income to cover at least some percentage of their expenses, including 88% in the April 2024 survey.
With retirees dependent on Social Security income to make ends meet, it's no surprise that the cost-of-living adjustment (COLA) reveal is the most-anticipated yearly announcement by the Social Security Administration (SSA). Although history may very well be made when Social Security's 2025 COLA is announced in October, it'll nevertheless mark the second consecutive year where seniors will be missing an important silver lining.
Source Fool.com
