Given the modest 2.5 percent COLA for 2025, many retirees may need to adopt new financial strategies to make ends meet. Here are a few practical tips:

• Budgeting: Create a detailed budget to track income and expenses. Identify areas where you can cut costs, such as dining out or subscription services.
• Emergency Fund: Build or maintain an emergency fund for unexpected expenses. Aim for three to six months’ worth of living costs to provide a financial cushion.
• Investing Wisely: Consider low-risk investments, like bonds or dividend-paying stocks, to generate additional income. Consult a financial advisor for tailored advice.
• Downsizing: If possible, consider downsizing to a smaller home or relocating to an area with lower living costs. This can free up cash and reduce monthly expenses.
• Side Gigs: Explore part-time work or freelance opportunities to supplement income without committing to full-time hours.

By implementing these strategies, seniors can better navigate financial challenges and enhance their quality of life. If you’d like to raise Social Security Cost-of-Living Adjustments, sign our petition. For more news on retirement, senior life, and the COLA, follow us on Facebook and Twitter.