Your Social Security Benefits Should be $4,442 Higher Per Year

Social Security benefits are a crucial income source for millions of Americans. That's one reason why the program was designed to include cost-of-living adjustments (COLAs).COLAs happen in most years and result in retirees getting a benefits increase. These COLAs are necessary because the price of goods and services goes up year over year. Without COLAs, retirees would see the value of their benefits erode over time, until eventually they could buy very little.While COLAs are supposed to ensure that benefits retain their value, this isn't working as well as it should. The result is that retirees are seeing their purchasing power decline dramatically over time and are effectively out thousands of dollars that they should be getting each year to maintain their standard of living.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool