We’re about a week away from the 2025 Social Security cost-of-living adjustment (COLA) announcement. All beneficiaries will soon be able to estimate how much their checks will increase next year, with the new benefit amounts kicking in during January.

Naturally, much of the focus is on how much more retired workers will get next year, but those claiming spousal benefits also have larger checks on the way. However, the latest projections suggest broader budget changes might be in order for 2025.

The 2025 COLA will probably be around 2.5%

The latest estimates from The Senior Citizens League (TSCL) put the 2025 Social Security COLA at around 2.5%. That’s 0.7% less than the 2024 COLA. This is due to cooling inflation. There’s a small chance the COLA could be higher depending on where September inflation data comes in, but this is unlikely.

A 2.5% COLA would boost the average retired worker’s benefit from $1,920 per month in August 2024 to $1,968 per month — a $48 increase. If your current benefit is larger than this, you’ll probably see your checks increase even further. On the other hand, if you have a smaller benefit, you’ll get less.

Spousal Social Security benefits are typically less than retired workers’ benefits simply because of the formula used to calculate them. At most, they’re worth one-half of the workers’ benefit at their full retirement age (FRA). The average spousal benefit, as of August 2024, is $910 per month. A 2.5% COLA would add about $23 per month, bringing the new average to somewhere around $933 per month in 2025.

Together, a couple receiving the average retired worker benefit and the average spousal benefit would get an extra $71 per month with a 2.5% COLA. That’s another $852 annually.

Looking ahead to 2025

We won’t know the real 2025 COLA until Oct. 10. The Social Security Administration will share the news on its website. Once you know what it is, you can estimate your 2025 checks by adding the COLA percentage to your existing checks. This might be off by a dollar or two, but it should be pretty close.

If you’re still not sure how much you’ll get, keep an eye out for a personalized COLA notice coming your way in December. Those with my Social Security accounts should be able to access the notice early in the month. You’ll also get a notice in the mail.

Compare your new monthly Social Security income with your average monthly expenses. Your checks may not go as far as you expected. Many feel the COLAs don’t actually help benefits keep up with inflation like they’re supposed to.

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To combat this, you may have to rely upon other retirement income sources, like:

• Personal savings: Personal savings are the ideal Social Security supplement if you’ve got them. You may need to increase your retirement account withdrawals in 2025 to cover what Social Security doesn’t.

• A job: A job gives you another source of consistent monthly income alongside your Social Security checks. This could also reduce how quickly you spend your personal savings.

• Other government benefits: If you’re unable to work and lack adequate savings, you may be eligible for other government benefits to help with things like food, housing, utilities, and healthcare. These programs generally have income requirements, and application processes can take time, so it’s best to look into these as soon as possible if you plan to use them in 2025.

Sketch out a plan for how you’ll cover your expenses before your new checks arrive. Then, after a month or two with your new benefit, review how you’re doing and make adjustments as needed to carry yourself through the rest of the year.

The $22,924 Social Security bonus most retirees completely overlook

If you’re like most Americans, you’re a few years (or more) behind on your retirement savings. But a handful of little-known “Social Security secrets” could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as $22,924 more… each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we’re all after. Simply click here to discover how to learn more about these strategies.

View the “Social Security secrets” »

The Motley Fool has a disclosure policy.

Here’s How Much the Estimated 2025 Social Security Cost-of-Living Adjustment (COLA) Could Boost the Average Spousal Benefit was originally published by The Motley Fool

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Surely to goodness you know how this works by now:

Tell us by email what you think those three charts represent, being sure to put QUIZ in the subject line. We’ll draw one correct entry at random and send that person a quiz-exclusive T-shirt.

FTAV reserves the right to name correspondents so if you shun the limelight or are in witness protection or whatever, be sure to tell us. The entry deadline is Monday sunrise or thereabouts, London time, and the judge’s decision is final.

A STUNNING 3-bedroom coastal home in Devon worth over £2 million could be yours in the Omaze Million Pound House Draw.

One lucky winner will get the keys to this beautiful contemporary home – you can purchase entries from as little as £10.

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Devon Omaze Million Pound House Draw

This two-tiered West Country residence comes complete with countryside views, a guest annexe and a heated pool.

In addition to the property itself, the Omaze winner will receive £250,000 in cash to help them settle in.

Along with the prize comes huge financial flexibility: the winner has the option to move straight into this gorgeous Devon retreat, rent it out, or even put it back on to the market.

An estimated monthly rental income of £4,000 means that this home could also serve as a seriously lucrative investment.

One of the most attractive aspects of the Million Pound House Draw is that there are no hidden costs.

Not only will you not have to worry about paying stamp duty, but mortgage fees and conveyancing costs are also covered.

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The house also comes with all the furnishing included, so you’re completely free to move in without digging into that quarter-million cash prize.

This luxe three-bed and two-bath home is situated in the scenic town of Exmouth, which is 12 miles from Exeter, Devon’s second-largest town.

It strikes the perfect balance between coastal living and quick city access.

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Devon Omaze Million Pound House Draw

You’ll get amazing countryside views thanks to the floor-to-ceiling glass that’s in every room, which fills each space with natural light.

The property is also close to Orcombe Point, a UNESCO World Heritage site famous for its dramatic landscape.

Then there’s the annexe, which contains its own kitchen area and boasts stunning views: the perfect place for guests to stay.

Anyone who works from home will also be happy to find a dedicated study space, with Scandinavian-inspired decor and space-saving ladder shelving.

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Devon Omaze Million Pound House Draw

What’s more, by entering early, you’ll give yourself a chance to win not one but two luxury cars.

Alongside the dream Devon home and the £250,000 cash prize, early entrants are also in the running to win BOTH a Porsche Cayenne E-Hybrid and a Porsche Boxster S. 

The Cayenne is a perfect family four-by-four, while the Boxster is a sleek sports car. The total cost for both cars totals over £170,000.

The Omaze Draw isn’t just about changing one lucky winner’s life, however, it also makes a significant impact on society.

A minimum donation of £1m from the Devon House Draw will be given to Campaign Against Living Miserably (CALM). 

CALM’s mission is to help people struggling with life find hope and a reason to stay. 

This substantial contribution will help fund CALM’s suicide prevention helpline for six months, allowing the organisation’s staff to answer over 80,000 calls and provide crucial support to those in their time of need. 

Terms and conditions: Over 18s and UK residents only. No purchase is necessary. Visit omaze.co.uk for full terms and to enter. House closes 27/10/2024.

A FAMILY of five have visited more than 20 countries in their motorhome, going as far north as Norway and as far south as Turkey.

Known as the Roaming Radfords, Steve and Lyndsay have been holidaying in a motorhome since 2007, when their eldest son Eddie was just a year old.

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The husband and wife team, who live in Milton Keynes, have explored countries like France, Spain, Belgium, Germany, Denmark, Portugal, Sweden, Norway and Morocco.

Even renting an RV on their trip to America so they could explore the country in a motorhome.

Their most recent trip took them to Turkey where they spent six weeks exploring the country with their three sons, Eddie, Harry and George.

The family regularly shares their caravanning tricks, tips and travel videos on their YouTube channel, the Roaming Radfords.

And with more than 17 years of experience, it’s safe to say they know the must-have gadgets every budding caravanner needs.

Steve and Lyndsay told Sun Online Travel: “If you’re planning a holiday to warm countries like Morocco, Spain and Turkey, having aircon is essential.

“I wouldn’t want to go to Morocco or Turkey without aircon, so definitely invest in that.”

It’s not just aircon budding caravanners will need to invest in if they want to enjoy holidaying in warmer countries.

They added: “Most brand-new motorhomes come fitted with 3 Way Fridges, which means they can work on battery, electricity plugin or gas.”

While this may sound ideal, Steve and Lyndsay know from experience that 3 Way Fridges don’t work well in hot weather.

They encouraged holidaymakers to consider upgrading to a compressor fridge because they work better in warmer climates.

Lyndsay said: “Three Way Fridges stop working properly when you reach temperatures like 30C.

“We’ve been woken up in the middle of the night with the smell of rancid chicken because the fridge wasn’t cool enough, so definitely upgrade to a compressor fridge if you can.”

With three teenage sons, and a YouTube Channel, Steve and Lyndsay need to stay connected to the internet while on the road, which is why they have a Starlink.

Starlink is an alternative to traditional broadband, beaming connections via SpaceX satellites.

It’s useful for remote areas left in the slow lane for on-the-ground broadband upgrades.

Steven and Lyndsay said: “Six weeks is a long time to be away from your friends when you’re a teenager, so we made sure to have a Starlink.

“It also enables us to upload our YouTube videos and keep in touch with the business we own back in the UK.”

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Their last recommendation isn’t technically a gadget but for the Roaming Radfords it’s a necessity.

Steve said: “One of my favourite things – and my family laugh at me for this – is a 6ft plastic table.

“Once you pop up the table, you’ve got a lovely big area where everyone can eat and sit.

“It also attracts people, so other holidaymakers can come and enjoy the space.

“Honestly it’s one of my favourite things and one of our best investments.”

Later this month, Steve and Lyndsay will be sharing even more tips at the Motorhome & Caravan Show at the NEC in Birmingham.

On October 15, 16 and 17, the couple will also be talking about their caravan adventure through Turkey, which they went on last summer.

Why caravan holidays are so underrated

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CARAVAN park holidays are a British staple.

And with the cost of living crisis wreaking havoc on Britain’s purses, more of us are turning to them for an affordable break.

Josie O’Brien, Senior Digital Writer on Fabulous, weighs in on why she thinks caravan holidays are seriously underrated…

WHEN I was a child, my mum used to collect the £9.50 holiday vouchers in The Sun.

She’d use them to book a couple of nights away at a caravan park during the school holidays.

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As an adult, I fully appreciate the convenience of a humble caravan holiday.

No faffing about with passports, no luggage limits and no bog-standard hotel breakfast of stale toast and grey eggs. 

I still love caravan holidays as an adult.

In a world of doing everything for the ‘gram, a caravan park brings you back to basics.

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There’s no obligation to get dressed up, no stress to fit a million picturesque excursions in one week and I don’t find myself flustered in tourist hot spots like abroad. 

I love going to coastal caravan parks and strolling along the beach parade.

My highlight is always fresh mussels, ice-creams and classic pubs to grab an afternoon tipple in. 

And then, of course, there’s the cost.

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Staying in a caravan is definitely way cheaper than my international trips. 

With no expensive hotel bills and the ability to cook my own meals, I’m spending hundreds less than I would abroad.

I’ve had some of my best and most relaxing holidays in caravans. Maybe I’ll buy my own one day.

Meanwhile, these are the top-rated holiday parks with on-site waterparks and pools.

And this holiday park has been named as one of the best in the country.

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Hunting Russian Air Defense Systems

The Tor air defense system has become a frequent target for Ukrainian forces, including artillery and drone operators.

Since the start of the full-scale invasion, the Russians have reportedly lost around 61 Tor systems in various conditions, including destroyed, abandoned, or damaged units.

This isn’t the first instance of Ukrainian FPV drones taking out Russian Tor systems.

On September 24, operators from Ukraine’s 77th Airmobile Brigade also successfully hit a Tor-M2 system, using similar tactics.

Earlier, on September 9, the 5th Slobozhanska Brigade of Ukraine’s National Guard destroyed another Tor-M2 system in the Kupiansk sector with the help of FPV drones operated by the Striks team.

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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

Japan’s new prime minister Shigeru Ishiba has promised to help households cope with rising prices, in effect starting his campaign to voters ahead of a snap general election this month.

But Ishiba also told lawmakers in his first policy address on Friday that he would decisively conquer deflation, highlighting the delicate policy environment as Japan tries to engineer an exit from decades of virtually stagnant prices and low growth.

Ishiba’s pledges closely match the policy agenda of his immediate predecessor, Fumio Kishida, who stepped down in August. But in the face of historically low approval ratings and volatile financial markets, Ishiba, who was chosen by the ruling party to be its leader, will be forced to carry them out in what analysts called a “zero honeymoon” environment.

“It’s necessary that we provide support to those reeling from rising prices until a virtuous cycle of growth and redistribution is certainly in motion, where pay hikes outpace inflation and companies invest proactively,” Ishiba said.

He also called for restoring trust in politics, saying the government had a responsibility to earn the public’s “understanding and empathy”.

Ishiba’s first full speech to parliament followed his swearing-in as prime minister on Tuesday. The selection of the 67-year-old party veteran for the top job triggered a 5 per cent drop in Japanese stocks, and, following a flip-flop on monetary policy, the sharpest one-day sell-off in the yen in two years.

Japan will begin campaigning next week for a general election on October 27, in which analysts predict the ruling Liberal Democratic party will face the combined challenge of public concern over the economy and a reinvigorated opposition.

“Things have become really bad really quickly for Ishiba,” said Tobias Harris, founder of political risk advisory firm Japan Foresight. “He’s had literally no honeymoon. But we knew that the LDP was divided. If you start off in a position where you are heading off a party rebellion, you do not really have much room for manoeuvring.”

During his bid for leadership of the LDP, Ishiba said he favoured higher corporate taxes, a heavier levy on capital gains, a rebalancing of the US-Japan relationship and the creation of an “Asian Nato”.

None of those proposals featured in Friday’s speech. Instead, the 30-minute address to the lower house suggested a continuation of the “Abenomics” platform of the late former prime minister Shinzo Abe, over which there is less dispute within the ruling party.

Nicholas Smith, chief Japan strategist at CLSA, said the result would probably be to calm investors’ fears of drastic policy changes and ultimately benefit markets.

Analysts pointed out that Ishiba needed to build consensus within a party that is still reeling from a corruption scandal and win over a sceptical electorate.

In effect, that means maintaining policies that have guided the party for most of the past decade and improving corporate governance reform and other policies that have drawn global investors back to Japanese markets.

“Japan’s economy is in a situation where policymakers cannot now avoid the general contours of the Abenomics policy mix,” said Izumi Devalier, head of Japan economics at Bank of America.