Overview

• March inflation data prompts a revised COLA forecast for 2025, increasing from an earlier estimate of 1.75% to 2.6%.
• Despite the forecasted increase, 71% of surveyed seniors report that their expenses exceed their current benefits.
• Increased COLA could lead to higher taxes for some beneficiaries, with 23% reporting new tax liabilities.
• Economists warn that inflation may continue to impact cost-of-living adjustments, complicating financial planning for retirees.
• Seniors with outstanding student loans face potential garnishment of Social Security benefits, adding to financial strain.