COLA

The Escalation of Oil Prices is Contributing to the 2024 COLA Uplift.

The surge in oil prices has recently been a topic of concern, stirring discussions among economists and policymakers. However, this scenario has a silver lining for retirees. The announcement of the Cost of Living Adjustment (COLA) by the Social Security Administration (SSA) is an annual event crucial for retirees. COLA determines the increment in Social Security checks for the following year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). …

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Maximum Social Security Check Surges to $4,873 in 2024: COLA Adjustment Boosts Retirement Benefits

Orlando, Florida – Social Security beneficiaries in the United States saw an increase in their checks in 2024, thanks to the Cost of Living Adjustment (COLA). This adjustment is crucial in ensuring that retirement payments keep up with inflation, allowing retirees to maintain their standard of living. The COLA, which stands for Cost of Living Adjustment, is an annual increase implemented by the Social Security Administration to adjust retirement checks to account for rising costs …

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Seniors Challenged by Projected Social Security COLA Drop in 2025

WASHINGTON, DC – A forecasted drop in Social Security cost-of-living adjustments (COLA) for 2025 is likely to impact seniors as they struggle to keep up with rising prices and expenses. According to estimates, the increase in Social Security benefits may only reach 2.5%, falling behind the moderating inflation figures. The forecast comes from the Congressional Budget Office (CBO), which predicts a 2.5% increase, slightly higher than the 1.75% estimated by the Senior Citizens League (TSCL). …

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Social Security COLA Increase and Your 2024 Tax Refund: What to Know

Chicago, IL – Retirees who received a cost-of-living adjustment (COLA) letter from the Social Security Administration in 2023 may need to refer to it as they navigate their financial matters in the year 2024. The letter, which specifies the new benefit amount for the upcoming year, can also be utilized as proof when appealing any discrepancies in the COLA payments received. It is essential for recipients to keep this letter in a safe place, as …

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Here’s Why Your Social Security Check Is Smaller Than You Expected

Social Security is a federal program that pays benefits to eligible individuals upon retirement, disability, or death. While Social Security benefits can be an important source of income for many Americans, the amount paid out each month may seem low to some. There are several reasons why Social Security pays relatively little.

Social Security Recipients Still Facing Tax Hikes after 8.7% COLA Increase in 2024

SANDUSKY, OH – Social Security beneficiaries are experiencing a mixed bag this tax season. While many are seeing larger monthly checks due to a recent cost-of-living adjustment (COLA), a surprising number are finding out that they will now have to pay taxes on those benefits, a situation they have never encountered before. A survey conducted by The Senior Citizens League revealed that during the 2023 tax season, 23% of participants who had received Social Security …

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Social Security’s 10-Year COLA History and Tips to Maximize Benefits for Retirement

Tampa, Florida – Social Security beneficiaries are set to receive a significant increase in their payments next year, with the cost-of-living adjustment (COLA) expected to be the largest in recent years. In the past decade, COLA increases have ranged from as low as 0.0% in January 2016 to as high as 8.7% in January 2023. This upcoming increase of 8.7% in January 2023 is the largest in ten years, providing relief to retirees and beneficiaries …

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