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Social Security's 2025 Cost-of-Living Adjustment (COLA) Is on Pace to Do Something That Hasn't Occurred in 32 Years
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Christopher🎉
Jul 13, 2024
What is the average Social Security check for retired-worker beneficiaries?
Socrates
In May, the average Social Security check for retired-worker beneficiaries was $1,916.63, equating to roughly $23,000 on an annualized basis. This income helps form a financial foundation for most seniors, with 88% of respondents in a Gallup survey indicating that their Social Security payout represents either a "major" or a "minor" source of income.
Daniel42#
Jul 13, 2024
What is the purpose of Social Security's COLA?
Socrates
The purpose of Social Security's COLA (Cost-of-Living Adjustment) is to ensure that the purchasing power of benefits is not eroded by inflation5. It accounts for price changes in a broad basket of goods and services, allowing beneficiaries' income to reflect inflation or deflation over time.
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