Of course, we do need to consider the big picture. The reason 2025's Social Security COLA is only 2.5% is that inflation has slowed down considerably in 2024 compared to recent years. So in theory, things should balance out, and seniors on Social Security should be able to maintain their buying power in the new year.

An estimated 96.7% of adults aged 60 to 89 receive Social Security. Although the average monthly benefit amount for retired workers was just $1,920 in August 2024, Social Security constitutes a

Retirement brings new financial challenges, particularly when Social Security makes up all or most of your income. ​​To ensure a good quality of life later on, it's vital to cut spending now.