1 Huge Change to Social Security Could Boost Total Benefits by $5,800 for Retirees
Many aspects of the Social Security program are in need of reform, but the way cost-of-living adjustments (COLAs) are calculated is one of the most pressing issues. COLAs are supposed to preserve the buying power of Social Security by ensuring that benefits increase in lockstep with inflation. But many experts argue that the math is flawed.
According to The Senior Citizens League, COLAs have boosted Social Security benefits by 64% since 2000, but the expenses of a typical senior have climbed 130% during that time. As a result, Social Security benefits have lost 40% of their buying power, suggesting that COLAs have utterly failed to keep pace with rising prices.
Many experts are calling for a change that would mean thousands of extra dollars for retirees.
Source Fool.com
