The Strange and Interesting History of Social Security COLA Increases

Cost of living adjustments (COLA) are given to offset the effects of inflation. As expenses for goods and services go up, salaries, too, must rise to keep pace with these increases, otherwise your income would no longer cover the things you need to thrive. Social Security benefits incur annual COLA, too. Some 62.5 million people rely on these monthly payouts, and 70 percent of them are retired, which means their Social Security accounts for the bulk of their income. Think of COLA as the annual raise most workers get to supplement inflation; it works the same way for Social Security. The federal government implemented a system for determining the annual COLA increase in 1975. It bases the rat

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