With inflation still hurting so many Americans, we all wonder what the future holds for retirees. Earlier this year, The Motley Fool shared some predictions for the future of benefits.
The 2025 cost-of-living adjustment (COLA) won’t be announced for a couple more months so nothing is official yet. However, there is a lot we can learn from economic predictors.
According to the article, benefit adjustments could be the lowest recipients have seen in years. In fact, current economic trends portend that next year’s COLA will be significantly lower. While some suggest this isn’t all bad, because it indicates slowed inflation rates, that doesn’t capture the full picture.
For one thing, the COLA doesn’t really account for costs specific to seniors. Using a flawed system, Social Security recipients over age 82 receive far less than they should based on actual cost of living.
We believe that one of the best things we can do for American Seniors is to pass a bill we call The Elder Relief Act. This legislation would dramatically increase benefits for seniors. Learn more about the bill here.
Check out the full article referenced above here, and keep up with the latest news here on 82 & Up.