6 Things All Retirees Need to Know About Social Security COLAs
Tens of millions of Americans rely on Social Security benefits for a substantial portion of their retirement income. Not only is Social Security a valuable source of retirement income, with the average retired worker receiving about $1,975 per month, but it is also the only inflation-protected source of income many retirees have.Each year, the Social Security Administration (SSA) takes a look at Consumer Price Index data, and if there has been inflation, Social Security benefits are adjusted accordingly.Image source: Getty Images.Continue reading
Tens of millions of Americans rely on Social Security benefits for a substantial portion of their retirement income. Not only is Social Security a valuable source of retirement income, with the average retired worker receiving about $1,975 per month, but it is also the only inflation-protected source of income many retirees have.
Each year, the Social Security Administration (SSA) takes a look at Consumer Price Index data, and if there has been inflation, Social Security benefits are adjusted accordingly.
Image source: Getty Images.
