5 Price Increases That Will Eat Away at Your Social Security Raise
Social Security benefit checks will be much larger next year for retirees. Seniors receiving retirement benefits are entitled to annual cost of living adjustments (COLAs) to help maintain their buying power. The 2022 COLA will provide older Americans with a 5.9% benefit increase.
While this may seem like a lot of extra money, the sad reality is that rising prices in some key areas are likely to outpace the increase and still leave many retirees worse off in terms of how far their money goes.
Here are the five categories of spending seniors have where prices will go way up, eating away at the value of the largest Social Security COLA in decades.
Source Fool.com
