Are you prepared for the future? Or, more specifically, are you prepared for retirement? Many retirees find themselves facing unexpected financial challenges, particularly when it comes to the cost of living adjustments (COLAs) they expect as part of their pension benefits. The reality, however, can be quite different from their expectations, leaving many feeling uncertain about their financial security in their golden years.
Navigating the complexities of retirement benefits can be daunting. One of the key misunderstandings revolves around the assumption that COLAs are automatically included in pension plans. Public School Employees' Retirement System (PSERS) pension benefits, for instance, are determined by a formula established in the retirement code. This formula does not guarantee an automatic COLA. Instead, any increase in benefits to offset inflation requires separate legislative action and dedicated funding, making it a discretionary rather than a guaranteed component of retirement income.
| Category | Details |
|---|---|
| Name | Alex Moore |
| Profession | Statistician, Managing Partner |
| Organization | The Senior Citizens League (TSCL) |
| Role at TSCL | Statistician |
| Role Elsewhere | Managing Partner |
| COLA Prediction (2025) | Approximately 2.57% (as of last reported month, slightly down from 2.63%) |
| Area of Expertise | Cost of Living Adjustments, Retirement Benefits, Statistical Analysis |
| Professional Focus | Analyzing trends in retirement benefits and cost of living to provide insights for senior citizens. |
| Notable Quote | "The 2025 COLA prediction is about 2.57%, down from 2.63% last month." |
| Website | The Senior Citizens League |
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