Large COLA Increase Next Year? The “not so good” Reason It’s Probable. - FOX Business
How can we argue that current projections for a historically large Cost of Living Adjustment (COLA) for next year will not be such a wonderful thing? Simple – because that probable large COLA increase to your monthly Social Security benefit will be the result of soaring inflation, which continues to ravage our economy and inflict financial damage in our daily lives. At inflation’s current course, SSA officials speculate that next year’s COLA increase could be as much as 8%, a rate not seen in over four decades. That, of course, will mean a bit more money in the pockets of our senior citizens, but lost in all the “hoopla” about a higher COLA is the sad reality that the increase will still fall far short of offsetting continually rising consumer prices we are all now living with. This FOX Business News article by Megan Henny discusses the potentially large COLA that SSA officials say is forthcoming and correctly ties COLA to inflation, but the elephant in the room will (again) be Medicare’s Part B premium, which will almost certainly increase next year and reduce the dollars seniors actually receive from the COLA increase. Click here to read the FOX Business News article.