Surging Prices in 2022 Show One Big Problem With How Social Security Calculates Raises
News about inflation seems to get worse every month, with the most recent report in March indicating that prices of goods and services were up 8.5% year-over-year. This is the largest annual price increase since 1981. The big bump was driven by surging costs for necessities including housing, gas, and food.
Unfortunately, this sky-high inflation is really bad news for retirees. The rapid rise in prices not only erodes the buying power of their savings, but it also demonstrates one really big problem with how Social Security Cost of Living Adjustments (COLAs) are calculated.
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Source Fool.com
