Social Security Checks Are Increasing in 2021. Here's Why Buying Power Isn't

When the coronavirus pandemic hit earlier this year, many analysts worried that decreasing gas prices meant that seniors would get no Social Security raise going into 2021. In the end, seniors are getting an increase after all -- a 1.3% cost-of-living adjustment, or COLA.

If that seems stingy at first glance, well, it is. In fact, for the typical senior, that boost will amount to less than $20 extra per month, and that's without factoring in Medicare Part B premium increases. Unfortunately, this isn't a situation unique to 2021. Seniors on Social Security have been losing buying power for years because of one big issue.

Image source: Getty Images.

Continue reading

Source Fool.com