"Right. Cost of living adjustment 2.7 compared to 2.9 last year. They take basically the BLS number from the third quarter of this year, compare it to last year. Two points about this. The first one is, is that inflation is not 2.7%. It is getting harder and harder for people to have social security be a major leg on their retirement stool."
"No, it doesn't. And even though those who aren't getting social security, your Medicare is tagged into that. So, you know, that kind of helps to some degree, but if you don't have, say, a Medicare advantage, a lot isn't covered. So, yeah, it, it's tough for some seniors and especially when you're looking at a social security payment. That's what, even if you're maxed out."
Estimated Social Security COLA is 2.7%, down from 2.9% last year, based on the BLS third-quarter comparison. Reported COLA does not reflect the actual inflation many seniors experience. Roughly 20% of beneficiaries rely solely on Social Security for income, making even modest shortfalls critical. COLA reductions can accelerate the timeline toward benefit shortfalls or reduced payments. Medicare costs are tied to similar mechanisms, and many coverage gaps remain for seniors without Medicare Advantage. Typical maximum monthly payments approach $4,300, while most beneficiaries receive about half, near $2,200 monthly, creating affordability challenges.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]