C O L up 2.5%
 

More than 72.5 million beneficiaries will see a 2.5% increase to their Social Security and Supplemental Security Income benefits in 2025, the Social Security Administration announced on Thursday.

Great news for the deficit as it won't spiral out of control quite as fast.

Not good news for the SS recipients who have to live with expenses that increased much more than 2.5%. Of course, if you don't buy food, health care or gasoline, YMMV.

Unadjusted 12 month CPI ending in September 2024
All items: 2.4%
Food: 2.3%
Medical care commodities: 1.6%
Medical care services: 3.6%
Gasoline: -15.3%

Going to the doctor increased 50% more, everything else was less with gasoline actually decreasing.

Yeah, 2.5% is just like getting a slap in the face. However, good for the deficit. Don’t expect any relieve for the way S.S. COLA is figured.

Not sure how those stats are calculated, but does anyone in their right mind actually believe food went up only 2.3% in the last year?

You can either believe the stats they provide or your lyin' eyes....

I believe my accounting for Jan thru Sep of 2023 and 2024. 2.5% for all food is in the neighborhood.

They can say whatever they want, but for the items we buy regularly think 10% is closer to the truth.

Another point of view.

marketwatch.com


Groceries are more affordable now than in 2019. So why are people still so mad about prices?

By Hannah Erin Lang
For the average worker, grocery prices are about as affordable as they were pre-pandemic.

When a joke becomes reality:

https://www.youtube.com/watch?v=KV488-rQ30s
Clip is a minute and a half, very funny throwback to the 80's

You can supply all the stats you want. However, I know just my Medicare supplement and Part D drug plan have increased more than 3.6% for next year. These two items alone far surpass any increase received from SSI.

Take out price of eggs and 2.3% is probably good. Before we know it restaurants will have MP ss their price for a 3 egg omelet

The CEO's of both Costco and Walmart talked at length this year about how they have been able to hold the line on prices. Although Costco did hike their membership fee $5.

With this COLA, the cost of living increases which are compounded on top of one another (just like the inflation rate is) over the past four years are: 5.9%, 8.7%, 3.2% and 2.5%. The average is about 5.1% per year.

I personally don't think it's that far off based on my own expenditures. However, I didn't have to pay higher interest rates on a mortgage, or high credit card rates, higher rent, and I didn't buy a car since 2017...so there are some expensive markets I am just not in. I don't think that that anyone is cooking the books, though.

The COLA markers don't mean much in this economy. It's very difficult for so many of the elderly to make ends meet.

The key assumption in the article is that they are adjusting grocery affordability based on wage increases. That doesn’t mean squat for seniors living on a fixed income.