Millions of older Americans rely on Social Security, with many depending on it as their primary income source, making annual cost-of-living adjustments (COLAs) crucial for maintaining purchasing power. These COLAs are directly linked to inflation rates, increasing benefits when inflation rises, while remaining stable when inflation does not change or decreases.
Explain It To Me Like I’m 5: Many older people get money from Social Security, which helps them buy things they need, and sometimes this money goes up when prices go up, so they can still buy what they want.
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