Huge increase in Social Security benefits is 'no free lunch,' expert says

Huge increase in Social Security benefits is 'no free lunch,' expert says

Huge increase in Social Security benefits is 'no free lunch,' expert says The largest increase in Social Security benefits is a false windfall for seniors, according to experts, after they’ve spent a year already swallowing higher prices on everything from food to housing to new and used cars. “There's no free lunch,” Rhian Horgan, founder of retirement planning platform Silvur, told Yahoo Money. "This is really a catch-up on this past year's inflation. Consumers have already experienced this inflation, they've been paying more for goods all year long." Beginning in 2022, benefits will increase by 5.9% for a cost-of-living adjustment, or COLA, the Social Security Administration announced on Wednesday, marking the biggest increase since 1982. That translates into an additional $92 a month for the average retiree, or $1,657 in …
More on: money.yahoo.com