3 Things All Retirees Should Know About Social Security COLAs
If you're a member of the workforce, you probably expect your wages to rise over time. If they didn't, it would be pretty tough to keep up with your living costs due to inflation.
Similarly, Social Security recipients are eligible for cost-of-living adjustments, or COLAs, so that their benefits are able to keep pace with inflation. Many Social Security recipients end up collecting a monthly benefit for several decades. If those benefits weren't eligible for COLAs, they'd be almost guaranteed to fall behind on bills.
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Source Fool.com
