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   From: tqo@scumbags.com   
      
   Screw your healthcare though.   
      
   Seniors will soon learn how much their Social Security checks will   
   increase thanks to the new cost-of-living adjustment for 2025 in about   
   two weeks. Experts discussed with Newsweek what to expect and why. To   
   ensure that seniors maintain their purchasing power, Social Security   
   checks are adjusted annually by the COLA, which takes into account the   
   previous year’s inflation. Although this year’s COLA was 3.2%, experts   
   have warned that payments are unlikely to increase by that much next   
   year. After an earlier estimate of 2.57 percent, the Senior Citizens   
   League has revised its forecast for the 2025 COLA to just 2.5 percent.   
      
   Social Security checks will increase as of October   
   A 2.5 percent increase would give seniors an extra $48 on average, or an   
   average of $1,968 per month. Kevin Thompson, a financial expert and   
   president and CEO of 9i Capital Group, predicts that the COLA will be   
   around 2.5 percent due to declining inflation. According to Thompson and   
   Newsweek, the COLA is linked to fluctuations in inflation, so when   
   inflation falls, so does the COLA. Since 2021, when the increase was   
   1.3%, this will be the lowest COLA increase. Seniors may have become   
   accustomed to higher COLAs in recent years. In 2023, the COLA was set at   
   a much higher 8.7%, compared to just 3.2% in 2024.   
      
   This is the largest increase since the COLA was 14.3 percent in 1981. In   
   addition, older people who rely on their Social Security checks may be   
   shocked to learn that some estimates put the COLA as low as 2.5 percent.   
   For example, Joseph Patrick Roop, president of Belmont Capital Advisors,   
   expects the COLA to be between 2.1 and 2.5 percent, which is more in   
   line with previous Social Security increases. Seniors should be aware   
   that Medicare premiums, which are deducted from Social Security and are   
   increasing at a rate of 7.42 percent for Part B and 6.73 percent for   
   Part D, have been rising, Roop told Newsweek, “even though other   
   inflation is much higher at the grocery store and on college campuses.   
   This is one of the main reasons why Social Security’s revised income   
   often falls, even with small COLA increases.   
      
   The new increase in Social Security checks will partially cover monthly   
   expenses   
   Expert in finance and creator of michaelryanmoney.com Michael Ryan   
   predicted that the COLA will be between 2.3 and 2.7 percent. Ryan stated   
   that although the 2025 COLA will help seniors financially, it probably   
   won’t completely offset the increases in rent, grocery, and Medicare   
   costs. Moreover, it is anticipated that Medicare Part B premiums will   
   rise. The COLA adjustment will be impacted by this. According to Ryan,   
   Newsweek, seniors will have to devote a greater percentage of their   
   Social Security checks to covering medical expenses. He also highlighted   
   that while food inflation has slowed, prices remain elevated. Many   
   seniors will only receive a portion of their COLA to offset higher   
   grocery expenditures.   
      
   As a result, many seniors may have to look for part-time work or find a   
   way to earn money from their investments. The Social Security   
   Administration will announce the COLA on 10 October after receiving the   
   latest inflation data. Although the COLA protects seniors from   
   inflation, many believe it is not enough to increase their Social   
   Security checks, and they continue to struggle to make ends meet. A   
   survey by the Senior Citizens League found that around 80% of pensioners   
   wanted greater inflation protection.   
      
   To achieve this, some have suggested using the Consumer Price Index   
   (CPI) for the elderly rather than the CPI for urban workers and   
   employees. However, this is unlikely to be changed until the COLA for   
   2025 is finalized. Finally, Alex Beene, a financial literacy instructor   
   at the University of Tennessee at Martin, recently told Newsweek that   
   the results show that inflation is slowing, despite higher costs than a   
   few years ago. However, additional money is still needed to meet   
   day-to-day expenses, as the current increase is less significant than   
   previous ones.   
      
   https://lagradaonline.com/us/social-security-checks-increase-october/   
      
   --- SoupGate-Win32 v1.05   
    * Origin: you cannot sedate... all the things you hate (1:229/2)