Thursday, May 9, 2024

Retirement: Social Security COLA prediction 2025: 3 things to know right now

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Retirement

Thu May 9 2024

Social Security COLA prediction 2025: 3 things to know right now

Stack of Social Security cards.

Here's how much of a raise you might receive next year.

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2/23/08 1:22:06 PM -- Tomah, WI --Credit Cards -- Christie Carlson, 34, goes shopping at the Wal-Mart with her two of her children, Tanner, 5 (in cart) and Seth, 7, and boyfriend Mike Serns. Carlson, 34, who says that as living costs -- including gas, groceries -- rise, she's been forced to use her credit cards to make ends meet. As the economy gets worse, she worries that she'll have to rely even more so on plastic. Credit cards are keeping Americans afloat like never before. As the economy worsens, dragging down retirement portfolios and salaries, consumers appear to be turning more than ever before to credit cards to pay for basic necessities. One telltale sign of this trend: While credit card debt is ballooning, consumers are pulling back on discretionary items like furniture and electronics and spending more on groceries and gas, according to government data. A growing number of people are even cashing out on their credit cards and using this money to pay overdue mortgage bills, say credit counselors. It?s not just blue-collar workers, but doctors and professionals who are being hit by the economic squeeze and turning to plastic to make ends meet. A growing body of research shows that consumers are even paying their credit card bills before their mortgage bills and car bills, in a reversal from the historic trend. Photo by Andy Manis, Freelance ORG XMIT: AM 33572 Credit 2/23/2008

Viral ad from 1996 predicts $16 burger, $65k cars: Is it accurate?

Financial planners look at past price growth to predict how living costs will increase in the future.

If an inflation adjustment ends up at 3% for Social Security benefits, some payments could go up in 2024 by about $55 a month. The average monthly benefit for all retired workers is $1,827 after the cost-of-living adjustment this year, according to the Social Security Administration.

Retirees could face Social Security cuts starting in 2033

The Social Security Administration said it has enough funds to pay benefits for retirees until 2033. After that, it would cover 79% of them.

A person at a desk.

Are you turning 65 between 2024 and 2030 and not financially prepared for retirement? Do this.

It's a problem but one you can overcome with the right strategy.

Couple sitting at table looking at document.

Could claiming Social Security early increase your lifetime benefit?

Sometimes the early claimer really does wind up with the most cash.

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