Inflation May Result in Highest COLA in Decades
Inflation is all over the media these days, but it only takes focus on the higher prices you’re paying for everything to know that inflation is soaring. A short trip to the supermarket, with a stop to fill your gas tank, tells you all you need to know about where inflation is heading. Since inflation is a key factor to determine Social Security’s annual Cost of Living Adjustment (COLA), pundits are already predicting that next year’s COLA may be the highest in decades. While the SS COLA increase might be welcomed with applause, insidious inflation will likely result in a loss of buying power for the average beneficiary. While the actual 2022 COLA increase percentage won’t be known until mid-October of this year, this CBS News article by Aimee Picchi predicts the highest COLA increase in nearly 40 years. Click here to read more.