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Did Social Security always have a COLA?
With the 1.7 percent cost-of-living adjustment (COLA) for 2015 about to begin, it is worth noting that many pensions do not have a cost-of-living adjustment (COLA) provision. Unlike the inflation protection provided by Social Security retirement, survivors and disability benefits, for pensions lacking a COLA your starting amount is your final amount, even if you receive the pension for many years. One of the many valuable aspects of Social Security benefits, the annual, automatic review of Social Security amounts for a possible cost-of-living adjustment (COLA) is now such an accepted feature of the program that it is difficult to imagine a time when there were no COLAs. However, such a time existed…Read More
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