Three Things You Might Not Know About Social Security COLAs
You probably know that the Social Security COLA is designed to combat inflation, but we have a few other facts that might surprise you.
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inflation
Explaining the Social Security COLA in Simple Terms
To help offset inflation, Social Security provides for an annual cost-of-living-adjustment (COLA). Here’s how it works.
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Could Social Security Recipients See Another Disappointing COLA Next Year?
Early predictions show seniors could get a benefits boost next year, but we’ll explain why the Social Security COLA will still disappoint.
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Why a High COLA is Not Necessarily a Good Thing
It looks like retirees could see a sizable Social Security COLA increase in 2027. We’ll explain why that is not as good as it sounds.
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Seniors in These States Could See the Biggest Social Security Benefit Boosts Next Year
Depending upon where you live you could see a bigger Social Security benefit boost due to next year’s COLA. We’ll explain why.
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Why the Current COLA Formula is Hurting Retirees
Here’s more proof that Social Security is doing a disservice to seniors. See why it’s just not keeping up with spending.
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Why the Social Security COLA Can’t Keep Up With Seniors’ Spending
Seniors’ spending is outpacing Social Security COLA increases. Let’s look at what can be done to make benefits keep pace with expenses.
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Why Social Security COLAs Never Seem to Keep Up With Inflation
Because of inflation, retirees could see an almost 4% COLA next year. We’ll explain why even that is not enough.
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How Rising Gas Prices Could Affect Social Security
Rising prices at the pump are a big indicator of inflation. See how the price of gas could affect the size of your Social Security benefits.
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The Five Biggest Financial Fears Facing Retirees
The Biggest Financial Fears Facing Retirees
If you worry about money, you are not alone. According to a CBS News report, one in five retirees say they are struggling financially. That has obviously spurred a variety of financial fears.
A survey by the investment firm Schroders found that retirees’ biggest financial fears are:
• Inflation eroding the value of retirement savings and other assets (90%)
• Higher than expected health care costs (87%)
• A major market downturn significantly reducing assets (81%)
• Not knowing how to best take retirement income and/or draw down assets (69%)
• Outliving retirement savings (68%)
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual COLA, increased minimum benefits, and ensure the long-term solvency of the Social Security program.