You Might Spend 68% of Your Social Security Benefits on This 1 Expense
Many seniors rely on Social Security as a critical source of income. But the reality is that those benefits generally won't be enough to make for a comfortable retirement -- especially in light of rising living costs.
Take this year's Social Security raise. Recipients were privy to a 5.9% cost-of-living adjustment (COLA) to start off 2022, but so far, the rate of inflation has well outpaced that raise, leaving seniors in a position where they've once again lost out on buying power.
Compounding the problem is the extent to which medical inflation keeps rearing its ugly head. Healthcare is a major expense for retirees. Often, it's their largest expense. But the costs involved keep rising.
Source Fool.com
