Even though Social Security payments will go up by 2.5% in 2025, a lot of seniors are still worried about how they will be able to pay their bills.
This change, called a COLA (Cost of Living Adjustment), is a lot less than what people got in 2024, when they got 3.2%, and a lot less than what they got in 2023, when they got an all-time high of 8.7%.
A lot of seniors think that the COLA is not enough to cover their basic needs, even though it is meant to help them deal with the rising cost of living.
Yahoo writes that Sherri Myers, a retired 82-year-old woman from Pensacola, Florida, is a great example of this battle. Myers is getting Social Security benefits, but she has chosen to look for part-time work at Walmart to help pay her bills.
She said, “I wish I could eat better, but I can not afford it.” “I do not buy vegetables when I go to the store because they cost too much.” Now, even a fast food meal costs too much.
People who are retired will get an average rise of just over $40 a month in 2025. For many, like Myers, this is not enough to cover the rising costs of food, medicine, and other necessities.
Even though inflation has slowed down, it is still having a big effect on the most defenseless people.
Martin O’Malley, the commissioner of Social Security, accepted the problems that retirees face. He said, “I know that many people feel that this change is not enough, and they are not wrong.”
“I have heard of seniors who have to spend their money on medicine and other costs that come with getting older, so any raise seems inadequate.
” O’Malley also said that the policies of the Biden-Harris administration have helped lower the cost of prescription drugs for many, but millions of people who have benefited are still having a hard time.
The problem is made worse by the fact that Social Security’s finances are unclear. A new study says that the Social Security trust fund might not be able to pay full benefits after 2035. That means that people might only get 83% of what they are supposed to get.
For now, seniors like Sherri Myers are still looking for other ways to make ends meet because the system does not seem to offer enough options. Without a job at Walmart, Myers would not be able to pay her bills since her Social Security check is not enough.
Also see:-SNAP recipients erupt: COLA increase is a shame
