2 Pieces of Really Bad News for Social Security Retirees
Retirees got some seemingly good news recently when the Social Security Administration announced that Social Security beneficiaries would be getting a 5.9% cost of living adjustment (COLA) in 2022. This is the largest raise in four decades, and it means that retirees will, in theory, end up with much more money.
The problem is, two pieces of really bad news followed, meaning most seniors won't end up better off despite bigger checks. In fact, many will end up in a worse financial situation in terms of how far their money goes. Here's why.
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Source Fool.com