Social Security na serious mata for di millions of retired seniors wey dey depend on am as their main oga for income. For people wey dey rely on these benefits, increase wey dey happen every year fit be di only thing wey go make dem balance baje-baje or start to find am hard to pay bills.
Every year, dem dey arrange wetin dem dey call cost-of-living adjustment, aka COLA, make di pipo wey dey receive Social Security no fall hand due to inflation wey dey rise like garri. Di COLA epp make dem keep up with di wahala wey dey come from cost of living wey dey go up.
As 2025 dey show face, people don dey eager to sabi how next year own go dey. Make I give you update small. Dis COLA we dey yarn about dey base on di numbers wey comot for inflation during July, August, and September. Na di Social Security Administration (SSA) dey fit announce di real level after dem see di inflation data for September. This year, dem go release dat tori on October 10.
Dem say based on di tori wey we don get so far, experts dey talk say 2025 own go dey lower pass 3.2% wey show face for 2024 beginning. But e fit still shake small depending on how di September numbers go take come out. Whether up or down, just expect say di COLA for 2025 no go big like wetin dem give for 2024.
Once di new year start, di new COLA go start too. Dis mean say your Social Security money go add number. Di amount wey go add fit depend on how dem go take fix di official COLA number and whether Medicare Part B cost go climb for 2025. Like if dem add 2.5% and your money now be $2000, you fit see extra $50. But if your Medicare price go climb $10, di $50 fit turn $40.
SSA go make di official announcement on October 10. Di correct place to check dis gist na their website news section. Na there you fit get di info on time. As we dey wait, you fit use di tori wey dey ground to plan your money mata for 2025.
