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What does this all mean for retired baby boomers and their Social Security COLA for this year?
Here are a few things that worry retired boomers most about the2025 Social Security COLA.
That amount seems astronomical, and it blows my mind every month I look at our budget.
Eggs have risen 86% since 2020, Czajka said.
The Senior Citizens League says that rising grocery prices have taken a toll on many retirees.
The Cost of Healthcare
Healthcare costs also concerned Burbank while looking ahead to 2025.
As people age, healthcare needs increase, yet costs continue rising much faster than inflation, Burbank explained.
Even with Medicare, retirees face high out-of-pocket costs.
If Social Security COLAs cant match these increasing costs, many retirees will struggle.
As far as long-term care insurance, I consider it an essential expense.
The rates, however, were not locked in, so I get substantial increases every year.
Burbank noted how this may forcesome boomer retireesinto an unexpected retirement red zone that threatens their financial security.
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