2025 Social Security COLA increase may not fully recover retirees' purchasing power loss.
Despite above-average cost-of-living adjustments (COLA) in 2022, retirees face continued loss of purchasing power. In 2022, Social Security lifted 22.7 million people above the poverty line, and 80-90% of retirees rely on it for expenses. A projected 2.57% COLA increase for 2025 may not fully recover this loss. Social Security has historically played a key role in supporting America's aging workforce.
June 29, 2024
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