Prospective COLA for 2025

 Were at that time of year when analysts speculate how much the COLA for Social Security benefits will be for the upcoming year 2025. Keep in mind this is subject to change BUT in 2025, the Social Security COLA may be 2.6%. That’s down from the 3.2% boost to benefits Americans saw in 2024. It’s also substantially lower than the 8.7% COLA Social Security beneficiaries received in 2023, and the 5.9% increase for 2022. The prospective Social Security COLA for 2025 would be the lowest since 2021 but in line with the average cost-of-living adjustments for the past two decades.

The annual Social Security cost-of-living adjustment is calculated based on third-quarter data from a subset of the consumer price index, known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W. The size of the official increase may change as new CPI data comes in. The Social Security Administration typically announces the COLA for the following year in October. Inflation has been a factor and the COLA is supposed to help retirees but the average Social Security benefit has lost 20% of its buying power since 2010, according to recent research from the Senior Citizens League, a nonpartisan senior group. The group’s research found, today’s average monthly benefit for retired workers would have to increase from $1,860 to $2,230 — nearly 20% — to keep pace with 2010 buying power. We’ll see what the final increase is but remember Social Security was never meant to be all the income for you to have in retirement. Questions go to yoursafemoneyshow.com

Your Safe Money Show New rules buying or selling a home 8 24 24

Topics for this Saturday's August 24th edition of Your Safe Money Show

 Coming up on this Saturday's (August 24th) Your Safe Money Show. Todd will go into detail about the new rules when buying or selling a home that just went into effect. How to calculate your life expectancy and how to have a happy retirement. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.

Medicare Open Enrollment

 Open enrollment for Medicare opens October 15th. If you want to schedule a no cost, no obligation appointment with Todd to see if your plan is still right for you or if you need other assistance call 320 679 5183 or go to yoursafemoneyshow.com.

Credit card record

 I read this week from the Federal Reserve Bank of New York that collectively, Americans now owe a record $1.14 trillion on their credit cards. Credit card balances rose by $27 billion in the second quarter of 2024, a 5.8% jump from a year ago. These days, 57% of consumers rely on credit cards to make ends meet. Half of credit card holders carry debt from month to month. Now there’s no easy answer to eliminate credit card debt but you can start by finding a payment strategy that works for you. Consider debt consolidation, work with your creditors, seek help through debt relief, and lower your living expenses. The first step is recognizing you need help. There’s many wonderful resources out there from the Federal Trade Commission, to Bankrate, the American Bankers Association and more. If you have questions go to yoursafemoneyshow.com.

Your Safe Money Show Do you need a trust 8 17 24

Your Safe Money Show topics for August 17th

 Coming up on Saturday's August 17th Your Safe Money Show. Todd will explain in estate planning who needs a trust and who doesn’t. Financial exploitation is a huge problem and he will share how to stay safe from fraud. And what are the signs your romantic partner might be financially unstable. Listen at 8 a.m. at Nice 95.5FM KBEK. They stream live at kbek.com. Hear recent shows at yoursafemoneyshow.com.