Social Security Has "Cheated" Seniors Out of $15,258 Over the Past Decade

In case you missed it, Social Security's most anticipated announcement of the year happened last week.

On Thursday, Oct. 10, the U.S. Bureau of Labor Statistics (BLS) released inflation data from September, which happened to be the final puzzle piece needed to calculate Social Security's cost-of-living adjustment (COLA) for 2020. When the news release crossed the wire, we learned that the program's nearly 64 million beneficiaries will receive a 1.6% "raise" in the upcoming year. That's about $24 a month extra for the average retired worker.

However, this doesn't tell the full story of Social Security's COLA -- which, over the past decade, has cost seniors a lot of money.

Source Fool.com