Why Retirees Are Losing Ground on Social Security

Retirees generally rely on Social Security to help them pay for necessities. That's because retirement benefits are an important source of income that's guaranteed for life.

They're also supposed to be protected against inflation by periodic Cost of Living Adjustments (COLAs). Sadly, however, while retirees aren't supposed to lose buying power because of these COLAs, the reality is very different.

In fact, new data from the Senior Citizens League shows there's a vast gap between the amount by which retirees' expenses increase and their periodic raises. And the sad truth is, this gap is likely only going to grow unless big (and unlikely) changes are made.

Source Fool.com