The current COLA formula could leave retirees in a better position - USA Today
Most experts agree that Social Security benefits have not kept up with inflation and are steadily losing buying power. Why? The most commonly cited reason for this problem is the cost-of-living adjustments (COLAs) are based on the wrong financial index. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is currently used to calculate COLAs; however, some experts are calling for a change to the Consumer Price Index for Elderly (CPI-E). But according to the Center for Retirement Research at Boston College, their data suggest that using CPI-W left seniors better off this year and could do so in the foreseeable future. Christy Bieber explains why this year’s raise shows the current COLA formula could leave retirees in a better position. Read Ms. Bieber’s article here…
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