More than 71 million Social Security beneficiaries can expect a 2.5% cost of living adjustment (COLA) increase in 2025, based on the Q3 inflation data. The COLA will raise the average benefit by $48 to $1,968 a month. For those of you currently receiving benefits, If you think this year’s COLA will make your budget a bit more challenging, please let us know as soon as possible.
Monthly payments differ substantially depending on when you start receiving benefits. The longer you wait (up to age 70), the larger each monthly check will be. The sooner you start receiving benefits, the smaller the check. There is no single “right” answer to the question of when to start benefits.
How can you draw retirement income from what you've saved? How might you create other income streams to complement Social Security? Women have longer average life expectancies than men and may require significant periods of eldercare. As you face retirement, a financial professional who understands your unique goals can help you design an approach that can serve you well for years to come.