The Insidious Effect of Inflation on Retirement
According to all predictions, the forthcoming Cost of Living Adjustment (COLA) that will boost next year’s Social Security benefit should be the highest in decades. But that good news is offset by the fact that high inflation is why COLA will be more, and high inflation means you’re paying more for just about everything that you buy. Reality is that Social Security’s annual COLA increases have lagged behind actual inflation for years, resulting in a loss of buying power for your benefit dollars, and that trend is likely to continue. So how do you deal with your Social Security income inexorably losing buying power? This Yahoo! Finance article by Joseph Donti offers some insight and suggestions. Click here to read more.