Latest News
COLAs – Do they really “keep up” with actual inflation?
Paul Solman’s brief piece here in Making Sense examines whether annual Social Security cost of living adjustments (COLAs) actually keep up with “real” inflation? The shortest answer is this– not entirely. This year’s COLA is predicted to be higher than most from the past decade (estimated at 2.7%), but medical costs are a big expense for seniors. Those expenses tend to rise faster than inflation overall and faster than an average of many different goods and services. According to a study released earlier this year by The Senior Citizens League, “Social Security benefits have lost 34 percent of buying power since 2000.” Read more on this all important issue here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.