3 Things All Retirees Need to Know About Social Security COLAs

Around 69 million Americans will receive a Social Security check this year, and for many, these benefits are a lifeline. Eighty-eight percent of current retirees say they depend on their monthly checks to some extent, according to a 2024 poll from Gallup, with 60% of that group saying Social Security is a "major" source of income.The cost-of-living adjustment (COLA) is designed to help benefits maintain their buying power over time. Every October, the Social Security Administration announces the upcoming year's COLA. While we still have some time before we'll know the 2026 adjustment, there are a few things every retiree should know right now.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool