Social Security beneficiaries will likely face their fourth year since 2010 without a cost-of-living adjustment next year because of the coronavirus.
The nonpartisan Senior Citizens League made the prediction in a May 12 studv.. while warning that the price of goods and services bought by most retirees has risen nearly twice as fast as COLAs in the past 20 years. It also comes as experts foresee the pandemic ‘s economic fallout accelerating Social Securitv.’s insolvency. possibly to within the decade.
Beneficiaries gained three percentage points in buying power last year, in terms of their electric bills and the cost of other items like eggs and produce, the Senior Citizens League says. But the “unprecedented plunge” in oil prices has “all but wiped out the prospect of a Social Security COLA for next year,” according to Social Security and Medicare policy analyst Mary Johnson.
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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