Social Security's annual updates include a 2.5% cost-of-living adjustment (COLA), which many seniors view as inadequate due to its minimal increase. Despite this perception, COLAs are tied to inflation rates, suggesting this year's modest adjustment might reflect lower inflation. Additionally, the earnings-test limit has increased, allowing beneficiaries to earn more without losing their benefits. Furthermore, higher earners contribute more due to an increase in the wage cap. These changes impact millions as around 4 million Americans retire this year, highlighting the significance of understanding Social Security updates.
Social Security benefits got a cost-of-living adjustment that's a mixed bag.
In January, Social Security benefits rose 2.5%. And many seniors were unhappy with their 2.5% raise since it was the smallest one to arrive in years.
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