There’s a lot to love about Social Security. For one thing, it lifts millions out of poverty and it’s the main source of retirement income for many millions. A key benefit that lots of people overlook is that it’s also designed to help retirees keep up with inflation — via its nearly annual cost-of-living adjustments (COLAs).
Still, while I’m looking forward to collecting Social Security one day, and I’m grateful for those COLAs, I’m not counting on the COLAs to carry me through retirement. Here’s why, and what I’m doing instead.
Image source: Getty Images.