Social Security Raises Often Fail Seniors; Advocates Want to Change the Way Cost-of-Living Adjustments Are Calculated
It's hardly a secret that inflation has been soaring for roughly a year. These days, the cost of everything from groceries to gas to apparel is higher than it's been in years, and many people are struggling to keep up.
That extends to seniors -- especially those who get the bulk of their income from Social Security. This year, Social Security recipients received a 5.9% cost-of-living adjustment, or COLA, back in January. The purpose of that raise was to help them maintain buyer power in the face of rampant inflation.
But based on recent inflation levels, that 5.9% raise is already falling very short. And that's not surprising.
Source Fool.com
