3 Things All Retirees Need to Know About Social Security COLAs
Social Security is by far the largest retirement benefits program in the United States, with 68.6 million people receiving benefits, including 52 million retired workers, as well as spouses, survivors, children, and workers with disabilities. There's another 7.4 million people who receive income from another Social Security program known as Supplemental Security Income, or SSI.Not only does Social Security provide guaranteed income, but it provides inflation-protected income through annual cost-of-living adjustments, or COLAs. While the general idea behind the annual COLA is fairly easy to understand (your Social Security increases along with inflation), there are some important facts about COLAs that you might not be aware of.With that in mind, here are three things all retirees need to know about Social Security COLAs.Continue reading
Social Security is by far the largest retirement benefits program in the United States, with 68.6 million people receiving benefits, including 52 million retired workers, as well as spouses, survivors, children, and workers with disabilities. There's another 7.4 million people who receive income from another Social Security program known as Supplemental Security Income, or SSI.
Not only does Social Security provide guaranteed income, but it provides inflation-protected income through annual cost-of-living adjustments, or COLAs. While the general idea behind the annual COLA is fairly easy to understand (your Social Security increases along with inflation), there are some important facts about COLAs that you might not be aware of.
With that in mind, here are three things all retirees need to know about Social Security COLAs.
