Experts concerned over COLA for seniors
Starting in January, the cost-of-living adjustment for Social Security benefits will be 8.7%. That’s the biggest increase since 1981, when the COLA hit an all-time high of 11.2%.
But not everyone thinks next year’s boost is enough to deal with ongoing inflation: 55% of retirees said the 2023 COLA should have been higher, according to a poll from The Motley Fool.
They’re not alone. Advocates for seniors argue that the Consumer Price Index for Urban Wage Earners and Clerical Workers — the metric used to calculate the annual adjustment — isn’t an accurate bellwether for their economic needs.
David Avery digs into the detail.