2025 Social Security COLA Increase Explained. Updates on Medicare Part B Premium increases.

2025 Social Security Cola increase what is Cola um Cola stands for cost of living adjustment it's an annual adjustment made to Social Security benefits to counteract inflation ensuring that the purchasing power of benefits isn't eroded over time detail of the 2025 Cola increase 2025 Cola percentage the Social Security Administration known as the SSA announces a cola increase each year based on the Consumer Price Index or CPI data the 2025 Cola is expected to increase by 2.5% impact on benefits this adjustment means that recipients of Social Security will see an increase in their monthly checks starting in January 2025 the exact dollar increase will depend on your current benefit amount pause 2.5S how the 2025 Cola affects you increased income a higher monthly benefit can help offset the rising costs of everyday expens expenses like groceries healthare and utilities medicare premiums it's important to consider how any changes in medicare premiums might affect your net increase it is expected to increase from 17490 to 185 ORS in some years Rising medicare premiums can offset part of the cola increase planning for the the future is essential with the cola increase you may want to reassess your budget to make the most of your enhanced Social Security benefits if you have questions about how the cola increase might interact with your Medicare plan or other Financial considerations Lena Fox at Silver Fox Insurance Group can provide expert advice get in touch with Lena Fox so why consult Lena Fox well she is knowledgeable about both Medicare and Social Security benefits she can help you understand how the 2025 Cola increase will impact your overall Financial picture especially in relation to your Medicare Plan Lena Fox licensed Independent Health and life insurance agent you can visit her website at https www. Lenox agency.com or email her at lena. foxol Lenox Fox agency.com she serves Witchita Kansas Missouri Florida New York and surrounding areas the projected cost of living adjustment or colay for Social Security in 20125 is estimated to be around 2.5% this is lower than the 3.2% adjustment seen in 2024 and is expected to be the smallest increase since 2021 the adjustment is based on the Consumer Price Index or CPI and reflects a cooling inflation rate while the increase may help counteract some Rising costs it may not fully keep Pace with persistent inflation in essential areas like housing and health care please don't forget to like subscribe and comment on my video have a great day