Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
Retirees set for historic COLA increase
The Street
Follow
8/12/2024
COLA rates could see a three-decade run come to an end, and that’s good news for retirees.
Category
🥇
Sports
Transcript
Display full video transcript
00:00
I'm Conway Gittins reporting from the New York Stock Exchange.
00:02
Here's what we're watching on the street today.
00:04
Wall Street begins a new week with a focus on economic data.
00:08
Investors are keen to see if readings on consumer and producer
00:12
prices nudge the Federal Reserve towards a quarter percentage point
00:16
rate cut or a half percentage point rate cut in September.
00:19
July retail sales will also be a key indicator
00:22
on the health of the consumer and the economy overall.
00:27
Good news is expected for America's retirees.
00:30
2025 is likely to bring a Social Security Cost of Living
00:34
Adjustment, or COLA, increase that hasn't
00:37
been seen in over three decades.
00:40
The government won't release official numbers until October.
00:43
But based on 2024's inflation data, experts
00:46
predict Social Security recipients could
00:48
get a raise of between 2.7% to 3.2%.
00:52
A raise that big would mean four straight years of raises
00:56
at or above 2.7%.
00:58
That hasn't happened in 32 years.
01:02
In order to determine the size of the adjustment,
01:04
the Department of Health and Human Services
01:06
relies on third quarter data from the Consumer Price
01:10
Index for urban wage earners and clerical workers.
01:13
In June, that rate was 2.9% higher than a year ago,
01:18
and experts only expect it to tick down a little in coming months.
01:22
The Senior Citizens League says any raise
01:25
will likely be gobbled up by food prices that are still
01:28
higher than they were before 2020.
01:30
One dozen eggs cost 80% more, lettuce is 72% more expensive,
01:36
and a pound of sugar is up by 45%.
01:39
Price jumps like those have led to rising food insecurity
01:42
for retirees, according to the group.
01:45
A recent survey of retirees showed one third of respondents
01:49
said they either visited a food pantry
01:52
or applied for food stamps over the past year.
01:55
That'll do it for your daily briefing from the New York Stock Exchange.
01:58
I'm Conway Gittens with The Street.
Recommended
1:02
|
Up next
How retirees can stay secure during market downturns
The Street
4/27/2025
4:11
What a cost of living adjustment means for retirees
The Street
9/26/2024
1:45
Social Security Administration reveals 2025 COLA increase
The Street
10/10/2024
2:10
Suze Orman on the top retirement mistakes people make
The Street
4/9/2025
3:49
How much you need to save for retirement
The Street
7/1/2024
2:04
Ways to diversify saving for retirement
The Street
1/13/2025
1:46
Avoid these common retirement mistakes
The Street
9/3/2024
4:07
Small daily steps to set you up for retirement
The Street
7/29/2024
1:25
What an interest rate cut means for retirees
The Street
9/18/2024
3:01
Retirement accounts: 401(k), Roth IRA & HSA explained
The Street
6/26/2024
2:19
How to play catch-up with your retirement savings
The Street
7/30/2024
4:30
How to save for retirement during an inflationary period
The Street
7/22/2024
1:00
Generation X Unprepared For Retirement: $250,000 Median Savings Won't Last 20 Years
Benzinga
6/24/2024
3:01
Here are your main options when saving for retirement
The Street
6/12/2024
3:49
How much you need to save in order to retire
The Street
7/9/2024
0:52
How to avoid this critical Social Security mistake
The Street
3/27/2025
1:28
Can You Guess What A Rich Retiree With $3 Million Spends Per Year? It's A Lot Less Than You'd Expect
Benzinga
7/14/2025
2:06
401(k) “millionaires” hit an all-time high
The Street
5/24/2024
1:56
Social Security benefits to increase for public workers
The Street
1/6/2025
3:21
Here are the secrets to planning for an early retirement
The Street
10/9/2024
2:19
How to save for retirement while paying off student loans
The Street
6/20/2024
2:00
The #1 rule when it comers to saving for retirement
The Street
2/10/2025
2:08
New 401(k) and IRA contribution limits announced
The Street
11/4/2024
2:43
This is the biggest financial regret among retirees
The Street
9/20/2024
0:23
Here is the main difference between a 401(k) and a Roth IRA
The Street
4/27/2025