Social Security Benefits Set to Rise: How to Adjust Your Financial Plans Now 

The Social Security Administration announced a 2.5% cost-of-living increase for enrollees, set to take effect in January. Financial planners suggest that the 68 million beneficiaries use this time to adjust their budgets. CFP Board Ambassador Laura LaTourette, CFP® advises retirees with additional retirement funds, like a 401(k) or pension, to set aside some of their Social Security benefits in a high-yield savings account or CD to create an emergency fund. 

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