Social Security: There's a Silver Lining in the Otherwise Bleak Projection for 2026's COLA

Many people tell themselves they should save for retirement so that they won't end up overly reliant on Social Security. But we all know what sometimes happens -- life gets in the way. And so inevitably, a lot of people end up closing out their working years with minimal savings, leading to a scenario where they absolutely need Social Security to cover their essential living expenses.For people in that boat, Social Security's annual cost-of-living adjustments (COLAs) are crucial. Without COLAs, those Social Security payments would be guaranteed to lose buying power year after year due to inflation. It's for this reason, in fact, that lawmakers voted decades ago to make Social Security COLAs automatic rather than requiring new legislation for each year's bump.Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool