Social Security Is Failing Seniors. Do This so It Doesn't Wreck Your Retirement.
This year, Social Security recipients got what was hailed as a very generous 8.7% cost-of-living adjustment, or COLA. Since inflation has cooled off steadily month after month in 2023, it might be reasonable to say that Social Security recipients are faring pretty well, based on their most recent raise. While this year's COLA may have helped seniors regain some buying power, it's not enough to compensate for 23 years of lost buying power.
Between January 2000 and February 2023, Social Security COLAs raised seniors' benefits by 78%, averaging out to a yearly increase of 3.4%, according to the nonpartisan Senior Citizens League. But the cost of goods and services has risen at a much faster clip than that.
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Source Fool.com
