2025 Social Security COLA [payment dates] increase announced...predicts will be between 2.73% and 3.2%

DevX ^ | October 9, 2024 | Rashan Dixon

[daniel1212]

The Social Security Administration (SSA) has officially announced the payment dates for the upcoming cost of living adjustment (COLA) increase in benefits. Beneficiaries will soon learn the exact percentage of the COLA, which the Senior Citizens League (TSCL) predicts will be between 2.73% and 3.2%. The Bureau of Labor Statistics analyzes inflation data annually to determine the necessary increase to ensure Americans can maintain their purchasing power...

Analysts anticipate a decrease in the COLA for Social Security benefits in 2025 compared to previous years due to easing inflation. The SSA will announce the 2025 increase on October 10, with the nonprofit Senior Citizens League currently estimating a 2.5% increase, down from their earlier prediction of 3.2% in May. If the 2.5% increase is confirmed, it would be the most modest since 2021, resulting in an average increase of $48 in beneficiaries’ monthly income.

[EQAndyBuzz]

“ I dropped my Medicare Advantage plan and signed up with the VA.”

How has that worked out? I’m thinking of getting ready rid of my company insurance, roll that money into my portfolio and use the VA for my health care.

[faithhopecharity]

Then you’ll enjoy sociable insecurity
(Actually, I’m not a fan of the federales being in charge of anyone’s retirement life — SSA was enacted in the Great Depression — it’s time to phase this Ponzi scheme out and let people use their own money (and save or invest it for retirement as they may choose)

[PIF]

Medicare Advantage enrollment each year has already notified us that there is going to be big changes with less coverage & fewer options that are all more expensive than what hubby has now
—

My Medicare Advantage plan is going from, for example, “your co-pay is $XX.xx” to “your copay is 50% of total cost”.

I’ll be looking for a better deal, if there is one.

The advantage in Medicare Advantage plans just vanished.

Love those compassionate Democrats. /s

[Trump Girl Kit Cat]

I went to work very part time at Home Depot who offers seniors EXCELLENT supplemental coverage PPO no copays $70.00 a month, I had to get new glasses they covered EVERYTHING not one dime came out of my pocket!! My Dr. now charges $400.00 for an office visit Medicare pays a measly $50.00 and my Home Depot insurance pays the rest!! Hiring seniors at Home Depot has been a win, win for both sides seniors show up for work and LOVE chatting up the customers keeping things organized ect. we win because we can work very limited hours at a very nice wage, we stay busy and active and are VERY HAPPY at work!! The work ethic of the younger generation today is VERY different than when I came up in work force, the younger generation seem to lack personality and drive!!

[bwest]

I know, but I was referring to the Bible passage.

[roving]

I just became qualified for Medicare. A man came to my house wanting to sell me extra insurance. I told him I use VA, I don’t need it.

[roving]

I have to go to the VA every three months for blood work. I don’t pay anything. They are sending me to my local eye doctor from eye exam. I don’t pay anything. The only thing I do pay is if I have to see a specialist and for my meds and that doesn’t cost much at all.

[rockabyebaby]

Said what? I don't know about you but my COLA for this year in no way covered the increases in food, rent, gas, maintenance and repairs, etc. etc. etc.

Agreed. These so called "raises" are a joke. For some it will be a whopping $43 a month increase, for others it will be less and Medicare will take most of it because they always, ALWAYS, raise their prices to coincided with our so called "raise". Can't wait for Trump to get into office and stop the taxing of SS, that should help.

[Jeff Chandler]

I was responding to the part about Medicare. Unfortunately, we had a lot hospitalization costs.

[montag813]

I went to work very part time at Home Depot

What do they pay?

[SaveFerris]

[What a joke. They just want to get rid of us all.]

See:

1) Obamacare

2) COVID-19(84)

3) The replacement of American workers, especially White workers over age 50.

[Raycpa]

FWIW, Although I would rather have my own money invested, SS as an annuity is a very good deal compared to what one can purchase in the private market. You cannot buy an annuity that has a COLA. Today’s annuities take longer expected life’s in consideration than SS.

[Eleutheria5]

Will illegals get the same COLA?

[DaiHuy]

“giving” cost of living raises at about one-fifth or one-sixth the actual increase in cost of living”

Hey, as long as Lebanon, and Ukraine are taken care of. that is all that really matters. Let the old people starve, it will help keep SS from going bankrupt.

[Brown Deer]

https://www.fool.com/retirement/2024/10/08/social-securitys-2025-cola-announcement-is-2-days/

[Prince of Space]

We’re staying on hubby’s insurance for as long as we can. We both turned 71 this yr and plan to keep working for a few more yrs. His insurance is better and cheaper than Medicare and includes dental and vision. All I ever heard my adult life was how Medicare was free for seniors, but nothing could be further from the truth.

[Prince of Space]

A Home Depot just opened up last week in my town of 75,000. I think I’ll check it out now.

[RckyRaCoCo]

bfl

[MNnice]

Well, I’m pretty healthy so I really haven’t had a need for treatment. The VA medical center is about 15 minutes away so that makes a difference because I know some guys aren’t that close to their VA center and so they hesitate to make that move.

[Chani]

I’m thinking of dropping house insurance. Life’s a gamble.

I've been thinking about doing the same for the last couple of years. I chicken out and go ahead and pay it, so far. In over 30 years, I have only used the stupid insurance once (water heater leak really bad), otherwise I usually pay for anything I need done.