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.

More information can be found by visiting Drake & Associates online.