A higher average Social Security benefit – Good news for seniors
Except for a few years in the recent past, Social Security recipients have received at least a modest increase in their benefit amount as a result of the annual Cost of Living Adjustment (COLA). COLA is base upon the annual rate of inflation, and whether the index which measures it is higher each year than the previous year. But, while the annual COLA is surely a welcome addition to each beneficiaries pocketbook, it may not represent the actual inflation that seniors are experiencing each year. In this analysis, the Motley Fool’s Dan Caplinger discusses COLA, average monthly benefit amounts from a historical perspective, and how Social Security plays a crucial role in the financial status of most American seniors. Click here to read more.