Peopleimages | Istock | Getty ImagesEarly estimates for the 2025 Social Security COLANew government data points to a 2.4% Social Security cost-of-living adjustment for 2025, The Senior Citizens League estimates, based on new government inflation data released this week.
The Social Security Administration typically announces the cost-of-living adjustment for the following year in October.
In the meantime, experts say there are steps retirees can take to help compensate for the prospect of lower benefit increases.
Annuities, which provide fixed income in retirement in exchange for a lump-sum investment, can be one way to supplement a retiree's income, LaVigne said.
Consult with a financial advisorBefore purchasing an annuity or other retirement income strategy, it helps to consult with a professional.
Persons:
" Johnson, Johnson, Lisa Featherngill, Featherngill, Kelly LaVigne, You've, LaVigne
Organizations:
Istock, Getty, Security COLA, Social Security, Senior Citizens League, Urban, Clerical Workers, CPI, Comerica Wealth Management, Social, Allianz Life
Locations:
Winston, Salem , North Carolina