Local financial expert discusses navigating Social Security adjustments

MILWAUKEE (CBS 58) -- The Social Security Administration's recent cost-of-living adjustment reflects ongoing inflation challenges.

Financial expert Tom Neumann from Drake & Associates joined us Monday, Nov. 27 to discuss key aspects of this adjustment. This year's COLA, a 3.2% increase, contrasts sharply with last year's 8.7% rise, translating to a modest monthly increase for retirees.

He emphasized the importance of strategic planning for maximizing benefits, including delaying claims and diversifying retirement income sources.