Social Security Raises Often Fail Seniors; Advocates Want to Change the Way Cost-of-Living Adjustments Are Calculated

·3 min read
Social Security Raises Often Fail Seniors; Advocates Want to Change the Way Cost-of-Living Adjustments Are Calculated

This year, Social Security recipients received a 5.9% cost-of-living adjustment, or COLA, back in January. The purpose of that raise was to help them maintain buyer power in the face of rampant inflation. Seniors on Social Security have been steadily losing buyer power for years, despite the COLAs they've been receiving.

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