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Why COLA Might be Wrong
Many people are in arms over the report that there will be no increase in Social Security benefits in the next year, but the problem may be on going unless the way COLA is calculated is changed. Some experts argue the current way the calculations are set up are stacked against the seniors that benefit from the Social Security System. At the moment, COLA is based off of an index that pulls data from a demographic that has far different financial needs than those benefiting from the Social Security checks. There are many proposed solutions and ideas to change the system, but none have gained much headways as of yet. To learn more about this visit this article by Aimee Picchi with CBS Money Watch.