Because of relatively high inflation, older Americans should hold off on retiring if they can, a policy expert warned this week.
After an 8.7 percent Social Security cost of living adjustment (COLA) was implemented starting this year, some have said that it may not be enough to combat the effects of inflation.
“For one in four, it is more than 90 percent of their income in retirement,” Ramsey Alwin, the president of the National Council on Aging, told CBS News this week. People who are thinking about retiring soon should rethink their plans and work longer if they can, Alwin said.
“Consider delaying Social Security,” Alwin said. The reason is that every year a person delays retirement, the amount they can receive increases by 8 percent until age 70….