A recent survey found most of the older generations think that the cost-of-living adjustments (COLA) made to their Social Security benefits won’t keep pace with inflation and rising costs.
At the start of this year, Social Security beneficiaries received an 8.7 percent increase in their monthly checks, the largest one since an 11.2 percent increase in 1981. The 8.7 percent jump boosted the average monthly benefit by about $146.
The Social Security cost of living increase is meant to ensure benefits keep pace with inflation. In general, the cost-of-living adjustment is based on consumer price index numbers, so as costs rise, so does COLA.
According to a Feb. 14 survey (pdf) from The Senior Citizens League (TSCL), 54 percent of respondents aren’t convinced that benefits will keep up with rising costs this year….