Readers of our publication know that the 3.6 percent Social Security COLA will put about $75 extra on the average retiree’s check.
However, many people wonder whether this increase will be substantial. In many sectors of the economy, inflation is a serious problem. As currency loses value, people have found that their living costs have far exceeded an extra $75 monthly when compared to just a year ago.
Does this mean the COLA will be effectively cancelled out? While the economy is tough, this extra money can still help. Seniors deserve it. Also, some people plan to invest their COLA to grow it further.
What are your thoughts on the COLA? Will the extra money make a big difference for you? Share your thoughts.
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