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Big expected Social Security raise is a mixed bag
Maurie Backman notes the danger of trying to retire on Social Security alone, when benefits only replace a scant 40% of pre-retirement income. Cost of living adjustments (COLAs) paid out new year in January are supposed to protect buying power. Backman explains the exact amount, predicted between 8.5% and 11%, hinges on 3rd quarter data from the consumer price index for urban wage earners and clerical workers (CPI-W). Since it’s still September, a full set of third-quarter data won’t be until almost mid-October, which is when the Social Security Administration will announce next year’s COLA. Full article here.