The 2025 Social Security COLA Will Be Announced This Month. Here's What That Means for Retirees.

Are you currently receiving Social Security retirement benefits? If so, you'll want to mark Oct. 10 on your calendar. That's when you'll hear how much bigger 2025's monthly payments will be. Hopefully it will be enough of an improvement to offset the rising prices of... well, pretty much everything so far this year.But how much of an increase are we due, and for that matter, what does it mean -- in practical terms -- for the program's current beneficiaries? Keep reading.What the heck's a COLA? It's an acronym for "cost-of-living adjustment." Recognizing that living costs rise over time, the Social Security Administration regularly raises the payments made to beneficiaries of all its programs. The most watched COLA update, of course, is the one that affects 67.7 million people, including roughly 53.2 million people age 65 and older.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool