Cost of living adjustment: What retirees can expect in 2025
The Social Security Administration announced what the 2025 COLA increase will look like for more than 72 million Americans who receive benefits.
Transcript:
Remy Blaire: I’m Remy Blaire reporting from the New York Stock Exchange. Here’s what we’re watching for the time being on TheStreet.
Wall Boulevard cooled off on Thursday, only 1 day after the Dow and S&P 500 set new record highs. Persistent inflation and a weakening labor report contributed to the drop off. Investors are generally taking a look upfront to the September Producer Price index report slated for Friday. And investors will receive earnings reports from a few big banks - including JPMorgan Chase and Wells Fargo.
Related: Make these money moves to retire early
In other news - the Social Security Administration has unveiled its 2025 cost of living adjustment - or COLA. The 2025 COLA will extend by 2.5%, the smallest annual hike since 2021.
That 2.5% translates to about $50 monthly, bringing the common monthly benefit for retirees as much as $1,976 a month. Married couples who both bring together Social Security benefits will see their payments upward push by about $75 a month. The logo new benefits will kick in starting in January 2025.
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Despite the extend, many retirees feel it’s now not enough to sustain with the effects of inflation - despite cooling prices. The CEO of AARP agreed saying in a press release “There is more we must always do to confirm older American citizens can continue to count on Social Security. AARP continues to call on Congress to take bipartisan action to beef up Social Security and secure a long-term solution that American citizens can place self belief in.”
More than Seventy two million American citizens currently receive Social Security benefits.
That’ll do it in your Every day Briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
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