Latest News
Article Paints a Bleak Picture for Social Security Beneficiaries
The issue of Social Security’s annual cost-of-living adjustment (COLAs) not being able to keep seniors abreast with inflation is a frequent topic of discussion in the media. The Motley Fool’s Katie Brockman adds to the rhetoric on this matter with a post on their website referencing The Senior Citizens League’s (TSCL) calculation of the lost buying power seniors have absorbed in recent years — 20% since 2010. And to add to the problem, she notes, the looming trust fund depletion problem that Social Security faces is “even more concerning,” with a 19% projected benefit cut serving to undercut further seniors’ ability to cover critical living expenses should it come to pass.
In the face of the gloomy statistics, Brockman offers suggestions for future retirees to fortify their financial situation. For example, increasing savings and delaying benefit claiming — the standard safeguards — are advanced as strategies to prepare for the future. Read her article in full here…