Big COLA Increase Coming, but Higher Prices Will Consume It
Any day now, the Government will be announcing the 2021 Cost of Living Adjustment (COLA) which will increase Social Security benefits next year. By most reports, the 2021 COLA increase will be about 6%, the highest in over 4 decades. But what’s lost in most stories on this topic is that all of your increase will be used to pay inflated costs for the goods and services you buy. Depending upon whether the current inflation is ‘transitory” or “durable,” the future outlook for your retirement savings, and your approach to retirement planning, could be dismal. This Pittsburgh Post-Gazette article by Tim Grant explains.
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