In 2025, Social Security benefits will increase due to rising inflation, but concerns over the program's long-term sustainability are mounting, with a projected 75% payout by 2035.
Cost-of-living adjustments (COLA) are essential for Social Security benefits, calculated against the Consumer Price Index for Urban Wage Earners and Clerical Workers to reflect inflation impacts on living costs.
With 70.6 million people relying on Social Security, accounting for roughly 30% of retirement income, the adjustments in benefits are significant for retirees facing rising prices.
Future retirees are advised to diversify their investment strategies as Social Security should not be their sole reliance due to the long-term sustainability concerns surrounding the program.
#social-security #inflation #retirement-planning #cost-of-living-adjustment #long-term-sustainability
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