Opinion: SS Recipients Losing Buying Power
For those heavily dependent upon Social Security – and that’s nearly everyone over the age of 65 – the pandemic is wreaking havoc on their buying power, and next year’s COLA (cost of living adjustment) will do little or nothing to ease their pain. With food prices already soaring as a result of pandemic-induced shortages, seniors are already feeling the pinch, and the outlook for COLA next year is increasingly dim. Since the inflation index which determines annual COLA is heavily weighted to energy prices, and with gasoline prices recently in free-fall, the COLA outlook for next year will probably be either non-existent or minuscule. And all of that adds up to seniors losing ground with the buying power of their Social Security dollars, as opined in this MarketWatch article by Paul Brandus (the White House bureau chief for West Wing Reports). Click here to read more.