The Strange Case of COLA
There was no COLA increase this year for Social Security benefits. This has left many who depend on their benefits as a sole or primary source of income disadvantaged in retirement. Many other factors exacerbated the problem and left them even worse off, Medicare premiums went up and inflation continued to occur. COLA is meant to combat inflation when living off of a fixed income, however, COLA already does not keep up with the rate of inflation. This is spurring discussion among many experts and groups on how best to modify or change the system so that it works off a more fair formula. For more information visit this article by Michael Wald with Fed Smith.
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