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Provided by Sara Frank-Hepfer
There will be no raise for Social Security recipients next year and one of the nation’s retirees (aka my Mom) responded to the bad news with an expected comment: “that stinks!” I had to explain to her that because the government uses inflation data to calculate the cost-of-living adjustment (COLA) for Social Security and overall prices were essentially flat from a year ago, she, along with over 60 million Americans who currently receive Social Security retirement benefits, will not get a bump in pay next year. That means most seniors will be stuck with an average monthly check of $1,341 ($2,212 for retired couples who are both receiving benefits).