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Social Security COLA Increase May Not Alleviate Retiree Struggles
Social Security COLA Increase May Not Alleviate Retiree Struggles
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The Social Security cost-of-living adjustment (COLA) is projected to rise to 2.7% next year, up from this year's 2.5% increase. Despite the bump, nearly 22 million seniors relying solely on these benefits will likely continue to face financial strain. The average monthly check of $2,006.69 WOULD see a modest $54 increase—far below the $5,000 average monthly spending for retired households.
Nationwide's survey reveals 55% of recipients find their benefits inadequate, while 63% fear inflation will outpace COLA adjustments. "Anyone who goes to the grocery store knows prices are climbing," says TSCL's Shannon Benton, underscoring the widening gap between stagnant benefits and rising costs.
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