Bad News for Social Security Recipients

When you are living on a fixed income, there are challenges, because the cost of living is typically going to rise year-by-year. To account for this, the Social Security Administration can apply annual cost-of-living adjustments if the consumer price index justifies an increase. Increases are quite modest when they are applied. As a case in point, there was a cost-of-living adjustment for 2015, and it was just 1.7 percent. That doesn t sound like it would help much, but things are even worse this year. The Social Security Administration has announced that there will be no COLA at all for 2016. Retirement Planning Is Essential The fact that there is not going to be a cost-of-living adjustment this year is not very good news for those who are receiving Social Security benefits, and benefits are modest in the first place. The exact amount that you will receive will be calculated based on your top 35 earning years.  To find out what you can expect to receive based on your earnings, you c


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