Will COVID-19 Kill Seniors’ Chances of a Social Security Raise?

Seniors who rely on Social Security for the bulk of their retirement income put themselves at a serious advantage: losing buying power to inflation. Those without another substantial income source, like personal savings, must instead sit back and rely on annual cost-of-living adjustments, or COLAs, to retain purchasing power as the price of most goods and services goes up from year to year.

Those COLAs, however, are not guaranteed, and over the past decade and a half alone, there have already been three different years with no Social Security raise at all. And unfortunately, we could see a repeat in 2021 thanks to COVID-19.

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Source Fool.com