Social Security and COLA Adjustments Quiz

What is the estimated COLA increase for Social Security benefits in 2025?

• 2.5%

• 4.0%

• 1.8%

• 3.2%

How does a smaller COLA benefit retirees in the long run?

• It guarantees higher savings interest rates.

• It reduces the cost of healthcare.

• It indicates that inflation is slowing down.

• It increases the amount of benefits received.

What is the average increase in monthly Social Security benefits with a 2.5% COLA?

• $30

• $48

• $100

• $75

What is one reason why Social Security benefits might not stretch as far as expected?

• Increased Medicare Part B premiums

• Decreased grocery prices

• Reduced healthcare expenses

• Lower housing costs

What percentage of seniors rely on Social Security for most or all of their income?

• 50%

• 75%

• 66%

• 80%

Why is it important to have other sources of income besides Social Security in retirement?

• Social Security benefits are always decreasing.

• Other sources can better keep up with inflation.

• Social Security is not a reliable income source.

• Other sources are tax-free.

What is a potential benefit of a smaller COLA increase?

• Reduced retirement age

• Preserved value of money

• Increased healthcare costs

• Higher inflation rates

What should retirees consider when planning for future healthcare costs?

• Ignoring Medicare premiums

• Factoring in a cushion for expenses

• Relying solely on Social Security

• Assuming healthcare costs will decrease

How can working part-time in retirement be beneficial?

• It reduces Social Security benefits.

• It increases healthcare costs.

• It helps offset rising costs and keeps retirees active.

• It eliminates the need for budgeting.

What is a key takeaway regarding the projected 2.5% COLA increase?

• It suggests inflation is cooling down.

• It indicates a rise in inflation.

• It guarantees higher Social Security benefits.

• It means healthcare costs will decrease.