3 Ways Social Security Can Change Over Time
Though Social Security has been around for years, there are certain things about it that aren't set in stone. Whether you're collecting benefits already or anticipate signing up in the future, here are a few points to keep on your radar.
The monthly benefit you start out collecting -- the one that's based on your personal wage history and filing age -- isn't the same monthly benefit you'll receive for life. That's because Social Security beneficiaries are entitled to cost-of-living adjustments, or COLAs, that can boost benefits year after year.
Of course, COLAs aren't always generous. This year, seniors got a 1.3% raise, and in previous years, they've gotten nothing. COLAs hinge on how the cost of consumer goods fluctuates, so some years' raises are stingier than others. But still, for the most part, seniors do get a little boost year after year.
Source Fool.com
