Recently, the possible percentage of Cost of Living Adjustment (COLA) that the North American authorities will implement by 2025 was announced.
The fee, which will be paid to US Social Security beneficiaries, is 2.63%, which will begin to be paid in October. This is a lower amount than the 3.2% paid in 2024.
The mission of COLA is to ensure that senior citizens can cope with inflation and not see their income reduced when purchasing basic products.
But not all states will receive the same percentage, since the Cola calculation is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), for the last three months (June, July and August).
This means that not all states have the same price index, so the additional income for retirees varies.
Here are the states that could have the lowest COLA payment:
Florida
Florida’s inflation rate of 3.9 percent means that a low adjustment could put a lot of pressure on seniors when it comes to shopping and spending for their living expenses.
Tennessee
Virginia
It also has an inflation rate of 3.8%. A low adjustment will make things difficult for retirees living in that state.
South Carolina
South Carolina’s inflation rate of 3.6% is also one of the highest in the country.
Alabama
In Alabama, the inflation rate is reported at 3.6%.
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2024-08-02 22:21:06
