northernforum.net on Nostr: Social Security Calculation Error Could Slash $120 From Retirees' Benefits in 2025 ...
Social Security Calculation Error Could Slash $120 From Retirees' Benefits in 2025
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Social Security recipients will see a 2.5% cost-of-living adjustment (COLA) in 2025, raising average monthly benefits to $1,976; this increase is lower than previous years, such as the 8.7% hike in 2023; retirees may lose about $120 due to a calculation error; the current COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which does not reflect retirees' spending patterns; advocacy groups suggest using the Consumer Price Index for the Elderly (CPI-E) instead, which would have resulted in a 3% increase for 2025; no immediate plans exist to change the calculation method; retirees may need to rely on personal savings or other programs like Supplemental Security Income (SSI).
#SocialSecurity #Cola #Retirement #Cpiw #Cpie #Benefits #Seniors #Healthcare #Advocacy #Economy
https://northernforum.net/social-security-calculation-error-could-slash-120-from-retirees-benefits-in-2025/
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Social Security recipients will see a 2.5% cost-of-living adjustment (COLA) in 2025, raising average monthly benefits to $1,976; this increase is lower than previous years, such as the 8.7% hike in 2023; retirees may lose about $120 due to a calculation error; the current COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which does not reflect retirees' spending patterns; advocacy groups suggest using the Consumer Price Index for the Elderly (CPI-E) instead, which would have resulted in a 3% increase for 2025; no immediate plans exist to change the calculation method; retirees may need to rely on personal savings or other programs like Supplemental Security Income (SSI).
#SocialSecurity #Cola #Retirement #Cpiw #Cpie #Benefits #Seniors #Healthcare #Advocacy #Economy
https://northernforum.net/social-security-calculation-error-could-slash-120-from-retirees-benefits-in-2025/