Seniors Agree: Social Security COLAs Need to Change
Seniors largely lock in their Social Security benefits at the time they file for them. But collecting the exact same benefit for life means seniors don't have a means of keeping up with their bills in the face of inflation.
That's why Social Security's cost-of-living adjustments, or COLAs, were introduced back in the 1970s. Each year, data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is analyzed to determine how much of a raise Social Security recipients are entitled to. And the results aren't always great for seniors.
Image source: Getty Images.
Source Fool.com