CostOfLiving Archives - DR News - News, Retirement, Finance

Social Security Cost-of-Living Adjustment for 2025 Estimated at 2.6%, Impacting Retirees

Cleveland, Ohio – American retirees and Social Security beneficiaries are bracing for the impact of rising inflation in the aftermath of the pandemic. According to the Senior Citizens League, the 2025 Social Security cost-of-living adjustment (COLA) is projected to be 2.6% based on March inflation data, marking an increase from the previous month. This anticipated COLA increase follows a 3.2% raise in monthly checks for Social Security recipients this year, with an even more significant …

Social Security Recipients See Decline in Federal Payments, as Cost-of-Living Adjustment Forecasted to Increase

New York, United States – The latest data from the Social Security Administration revealed a decrease in the number of recipients of federal payments by approximately 13,500 individuals. In March, there were around 7.27 million individuals receiving federal payments, a slight decline from the previous month’s 7.284 million recipients. The distribution of federal payments among different age groups showed fluctuations. Recipients qualifying based on age totaled nearly 1.115 million last month, slightly higher than the …

Social Security Recipients Set for 3% Cost-of-Living Adjustment Amid Rising Inflation Fluctuations

Washington D.C. – Social Security recipients are anticipated to receive a substantial cost-of-living adjustment (COLA) next year as inflation continues to rise steadily. The annual adjustment, based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, is projected to be around 3%, according to data from March. The increase exceeds expectations, highlighting the ongoing struggle to manage high inflation rates. The Consumer Price Index rose by 0.4% from the previous month and …

Pensions in Rhode Island: Can the State Afford Cost-of-Living Raises for Retirees? New Report Analyzes Options

Providence, Rhode Island – Amidst financial concerns, Rhode Island is contemplating the possibility of reinstating cost-of-living adjustments for retiree pensions. A recent report delves into the various options available to the state to address this issue. The potential decision holds significant implications for retirees who rely on these pensions. As the state grapples with budgetary constraints, the feasibility of providing these raises is being carefully evaluated. Residents, lawmakers, and pensioners alike are closely following the …

Social Security Cost-of-Living Adjustment Hits $59 per Month for 2024, AARP Reports

WASHINGTON, D.C. – Social Security beneficiaries received a 3.2 percent cost-of-living adjustment in January 2024, resulting in an average increase of about $59 per month per beneficiary, according to AARP. With approximately 71 million Americans collecting Social Security, including pension payments and Supplemental Security Income recipients, the total monthly increase amounts to about $4.2 billion. Over the course of a year, this adds up to $50 billion. In comparison, the previous year saw an 8.7 …

Cost-Of-Living Payments for Households Marks Turnaround in UK Economy

LONDON – Households in the UK will begin to receive the third £299 cost-of-living payment starting today, as part of a support package implemented since autumn 2021. This payment is the third of up to three instalments totalling up to £900 paid to eligible households on means-tested benefits over the course of 2023/24. According to the Department for Work and Pensions (DWP), payments will be distributed automatically across the UK between February 6 and 22. …