3 Things To Do Now If You’re Worried Social Security Won’t Be Enough To Make Ends Meet in 2025
Written by
Vance Cariaga
Edited by
Daria Uhlig
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Seniors who depend on Social Security for a big chunk of their retirement income have faced tough times in recent years due to rising costs of housing, groceries and other essentials. Although Social Security recipients get annual cost-of-living adjustments (COLAs) intended to offset inflation, those adjustments have not kept up with prices of certain necessities. That also could be the case in 2025, which could deliver the lowest COLA in four years.
The Senior Citizens League, a non-partisan seniors advocacy group, forecast a 2.66% COLA in 2025 in its most recent estimate. That’s down from 3.2% this year and a decades-high 8.7% in 2022. The last time the COLA fell below 3% was in 2021, when the adjustment was 1.3%, according to the Social Security Administration.
Although this year’s COLA is outpacing the overall inflation rate, many Social Security beneficiaries are still struggling to make ends meet.
“For 2024, the average Social Security benefit rose by $50, and after subtracting $9.80 to cover Medicare Part B Premium increases, the total change in benefits came out to just $40.20 a month,” Shannon Benton, executive director of The Senior Citizens League, said in a media release. “With the forecast of a 2.66% COLA for 2025, it appears seniors will continue to suffer financial insecurity as much next year as they have this year.”
If you worry that your Social Security check won’t be enough to make ends meet in 2025, here are three steps you can take now to soften the blow.
- Apply for food benefits. Some Social Security recipients qualify for Supplemental Nutrition Assistance Program (SNAP) benefits if they meet the eligibility criteria. Formerly known as food stamps, SNAP benefits can help you pay for groceries when the budget is really tight. You can also look into the U.S. Department of Agriculture’s Commodity Supplemental Food Program (CSFP), which provides eligible low-income seniors over age 60 with a monthly food package including cheese, fruits and vegetables.
- Apply for Medicare help. To allay healthcare costs, you can get help from the state to pay your Medicare Part A (hospital insurance) and Part B (medical insurance) premiums through a Medicare Savings Program. If you qualify, Medicare Savings Programs might also pay your Part A and Part B deductibles, coinsurance and copayments, according to Medicare.gov. When you apply, your state determines which program(s) you qualify for. Even if you don’t think you qualify, you should still apply.
- Earn extra income. One way to deal with financial struggles is to increase your income. Numerous part-time jobs and side hustles are suitable for seniors, including library technicians, tutors, consultants and substitute teachers. Just keep in mind that if you have not yet reached full retirement age, you will face an earnings test that could reduce your Social Security benefits if your outside income hits a certain threshold.
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