Seniors Facing Smaller Social Security Increases in 2025 After 3.2% Boost in 2024
Projections Show Continued Modest Adjustments in Social Security Benefits Until 2034
According to the article of The Motley Fool, seniors may see smaller Social Security increases in 2025, with estimates suggesting a 2.57% rise, down from previous years. The boost in 2024 was 3.2%, much lower than the significant 8.7% jump in 2023. This means seniors might have to stretch their budgets as future increases could be limited.
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2025 Social Security COLA Forecast: 2.57% Increase, but Will It Be Enough? (PHOTO: The Motley Fool)
Tips for Seniors – Maximizing Social Security Benefits Through Strategic Planning
To make the most of their benefits, seniors are advised to budget wisely, consider part-time work in retirement, and choose the right time to claim Social Security. As the government announces the 2025 COLA in October, seniors should stay informed and plan how to manage their benefits effectively. By staying proactive and informed, seniors can navigate the changing landscape of Social Security benefits with greater confidence.
READ ALSO: $1.2 Million In Retirement: Maximizing Savings And Minimizing Taxes With Strategic Financial Planning!
