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Inflation Outpaces Meager 2021 COLA Increase
In what shouldn’t be a surprise to anyone, a recent study has revealed that most senior citizens on Social Security aren’t happy with the 2021 Cost of Living Adjustment (COLA). This year’s Social Security benefit increased by only 1.3%, or about $20 for the average beneficiary. But what many don’t realize is that any increase in the monthly Medicare Part B premium is taken out of the COLA increase, yielding a benefit increase even less than 1.3%. Tie that thought into the reality that rising gas and food prices are taking even more money out of the pockets of seniors, and its easy to see why so many are unhappy with the small Social Security increase, as discussed in this 401kSpecialist magazine article by Brian Anderson. Click here to read more.