The Double Edged Sword That is the Social Security COLA
Social Security retirement benefits are due to go up, and the exact percentage increase will be announced by the Social Security Administration on October 12th. Sean Williams notes the double edged sword nature of this. The increase will be lower than this year, perhaps just 3%, due to lower overall inflation. Of course some items that seniors tend to buy more of increase more than that, and Medicare premium increases could easily eat into most, even all, of that cost of living adjustment (COLA). A “raise” a COLA is not, as it is only expected to help retirees “keep up” rather than “get ahead.” Full piece here.