Hoping for a Larger Social Security COLA in 2026? Here's Why You Shouldn't Want One.
Older Americans are allowed to sign up for Social Security starting at age 62. This means that many people end up collecting those benefits for several decades. It's for this reason that cost-of-living adjustments, or COLAs, are so important to Social Security recipients.The purpose of Social Security COLAs is to make it possible for seniors getting benefits to maintain their buying power through the years. Over time, costs tend to rise. And working Americans are often able to boost their wages by snagging raises to keep up.Image source: Getty Images.Continue reading
Older Americans are allowed to sign up for Social Security starting at age 62. This means that many people end up collecting those benefits for several decades. It's for this reason that cost-of-living adjustments, or COLAs, are so important to Social Security recipients.
The purpose of Social Security COLAs is to make it possible for seniors getting benefits to maintain their buying power through the years. Over time, costs tend to rise. And working Americans are often able to boost their wages by snagging raises to keep up.
Image source: Getty Images.
