Social Security recipients are looking forward to the largest cost of living adjustment in four decades in January. The tradeoff, however, is that they may need that added income to counter rising inflation.

“COLAs are intended to protect the buying power of Social Security benefits but, according to consumer price data through July of 2021, Social Security benefits have lost nearly one-third of their buying power and 32 percent since 2000, about the length of a typical retirement,” said Mary Johnson, Social Security and Medicare policy analyst for The Senior Citizens League.

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