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Social Security raise doesn’t necessarily translate to more buying power
Many seniors desire 4, 5, or 6% raises in their Social Security checks, and why not want that? But that would mean rising prices at a pretty high clip to get that kind of “raise.” Result? You are no better off. Cost of living increases (COLAs) are merely designed to stop erosion of buying power. They make no one “richer.” Lorie Konish of CNBC displays recent COLAs in this article and explains a 4.5% – 4.7% COLA is anticipated for 2022. Konish also lists some of the items that have jumped most in price thus far in 2021, specifically prescriptions and insurance prices. Full article here.