Do Social Security Recipients Gain Buying Power Every Year? Here's the Truth.
The earliest age to sign up for Social Security is 62. However, plenty of people live past their early 90s, which means that some Social Security recipients end up collecting benefits for more than 30 years.Clearly, over a period that long, the value of a dollar can erode. That's why Social Security benefits are eligible for an automatic cost-of-living adjustment (COLA) each year.Image source: Getty Images.Continue reading
The earliest age to sign up for Social Security is 62. However, plenty of people live past their early 90s, which means that some Social Security recipients end up collecting benefits for more than 30 years.
Clearly, over a period that long, the value of a dollar can erode. That's why Social Security benefits are eligible for an automatic cost-of-living adjustment (COLA) each year.
Image source: Getty Images.
