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Big 2023 COLA still falls short
While the 8.7% cost of living adjustment is the highest in decades, no one should be giddy about getting ahead of inflation with it. It’s all about treading water, as noted here by seniors columnist Kerry Hannon. She reports results of a new survey by the Senior Citizens League where 54% of older Americans think this year’s COLA won’t keep up with inflation. Worse, 96% don’t think this year’s big bump will give them a chance to get their feet on the ground again and catch-up. Hannon explains the nature of how the COLA is calculated along with a history of it not quite keeping up with the standard of living of seniors. Full piece here.