Social Security benefits are generally adjusted based on the cost of living expenses. In the 1970s, Congress regularized Social Security benefits boosts and provided predictable criteria for them, according to huffingtonpost.com.
Social security benefits’ increase are set up in a way that benefits will lag behind the current year’s prices. For example, the Cost of Living Adjustment response to 2011 price boosts will start in January 2012. but that COLA will not ameliorate prices that increase during 2012, the article says.
Do you think the COLA will be affected by changes to Social Security benefits? Do you think there are problems with the current system for COLA?
If you need help getting the Social Security benefits you deserve to get your life back on track, we can help.