Social Security's 2.5% cost of living increase won't make a dent' for retirees

"Inflation has eaten up my savings, she said. I don't have anything to fall back on - the cushion is gone."

"The AARP estimates that a 2.5 percent COLA would increase the average benefit for a retiree who receives about $1,920 a month by $48 a month starting in January 2025."

"The silver lining is that it's an indication that inflation is moderating," he said.

"If the trust fund is depleted, the government will be able to pay only 83% of scheduled benefits," the report said.

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