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Do You Know Your COLA? - Yahoo! Finance
“COLA” – the annual Cost of Living Adjustment – is an important financial factor which most seniors look forward to each year with considerable anticipation. Especially due to recent inflation, COLA is how we can all keep up with rising consumer prices. But is it ever enough? Most would say no but, nevertheless, over time it substantially increases each person’s Social Security benefit (which most people say is a major source of their retirement income). And because Social Security is so crucial to seniors’ retirement well-being, it is good to full understand how COLA works, including whether another alternative method would be better. All of that is discussed in this Yahoo! Finance article by the Motley Fool’s Dana George.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…