Trending searches: social security 2025 cola increase
hey guys I'm back with another video today we're diving into something super important Social Security's cost of living adjustment Cola for 2025 it's not that much and there's a lot to unpack we'll also be talking about budget cuts for Social Security Medicare and so much more so if you're curious about the details for next year stay right here because I have got you covered now now if this is your first time tuning into the channel here on financial Futures we talk about all things related to shopping saving and navigating the financial maze especially when it comes to social security and benefits if you want to join my internet family hit that big red subscribe button below it's super easy and while you're at it give this video a like if you enjoy this type of content because it helps me bring even more updates straight to you all right let's jump right into today's topic because I know you're here for one thing the 2025 cost of living adjustment unfortunately it's not great news y'all Social Security recipients can expect next year's Cola to be one of the lowest we've seen since 2021 inflation is cooling off at least according to the numbers so the Consumer Price Index which determines the cola is only showing a 2.5% increase year-over-year now what does that mean in well according to the senior citizens League that increase works out to about $46 80 a month for most people and while yes I'm going to take it I won't lie to y'all this is not going to make a big difference when you consider Rising costs elsewhere especially with medicare premiums going up let's break that down earlier this year the Medicare Board of Trustees estimated that the part beat premium is expected to climb by $103 cents a month or 5.9% which translates to about $185 a year so while you might get an extra $46 from the cola you're also going to lose about $11 each month due to Medicare increases in the end you're left with around $35 extra dollars not a lot when everything else is going up right now we won't know the exact Cola amount until October 10 but this 2.5% estimate is likely going going to be what we end up with personally I think it's a slap in the face for all the seniors and disabled individuals who rely on this income but hey that's just my opinion what do you guys think drop your thoughts in the comments below and let's talk about it all right moving on to Social Security's budget issues the commissioner of Social Security Martin Ali recently testified before Congress about the dire state of the agency he's asking for additional funding to address the severe Staffing crisis that's been plaguing Social Security offices across the country if you've been waiting forever to get someone on the phone or your local office has long lines that's why om Mali said this is the biggest challenge social security has faced in its 89-year history he's specifically asking for funds to keep offices running and to improve the toll-free phone lines we all rely on right now Congress is proposing a $5500 million cut to Social Security's budget which would make things even worse imagine waiting even longer just to get basic help with your benefits that's the direction we're heading if this goes through now speaking of politics Social Security and Medicare have become hot button issues in the upcoming 2020 for election in last night's debate we saw where candidates including vice president kamla Harris and former president Donald Trump laid out their stances on Social Security and Medicare Harris stated that she would strengthen Social Security by making Millionaires and billionaires pay more in taxes she also talked about extending the Social Security payroll tax to higher incomes meanwhile Trump promised to protect these benefits but hasn't given us details on how he plans to do that without cutting services or raising taxes what do yall think are are either of them offering real solutions or is it just election talk I'd love to hear your thoughts on this did last night's debate change how you're going to vote or are you still locked in on your candidate let me know in the comments because this is a judgment free zone just remember to get out there and vote no matter who you're voting for your voice matters and before I wrap this up let's talk about some good news for a change the Social Security administ ation is making it easier for millions of Americans to sign and submit forms starting soon more than 30 different forms won't require a physical signature you'll be able to sign and submit them online which should save everyone a lot of time and headaches this is a small change but hey I'll take any Improvement that makes life easier for all of us so be on the lookout for that update on the Social Security website all right guys that's all I have for you today as always thank you so much for tuning in don't forget to hit that like button if you found this video helpful and if you haven't already make sure to subscribe for more updates like this I've got a lot more coming your way including the October 10 Cola announcement so stay tuned until next time it's Financial Futures and I'll see you in the next video