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COLA increases don’t keep up with seniors’ rising expenses
On the surface, the concept is pretty simple: Measure inflation and increase Social Security benefits to match. But unfortunately the Government measure for inflation doesn’t exactly match up with seniors’ spending habits, with a consequence that COLA increases don’t compare to the actual inflation seniors live with. Senior healthcare costs, for example, are considerably higher than the standard weighting in the healthcare category of the Consumer Price Index (CPI), the index used by the Government to measure inflation. This Motley Fool article by Wendy Connick explains why the Social Security COLA is so low. Click here to read more.
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