An important factor to our ongoing retirement income is how the Social Security payment grows over time. This Cost-of-Living Adjustment, or COLA, is announced annually for the following year. It might make a few bucks to a few hundred dollars difference monthly, but it all adds up year over year. It is something to factor into your decision on when to collect Social Security.
As we look to the future and the viability of the SSDA Trust Fund, we have to ask ourselves how realistic is the 2.6% average projected COLA?
Contact Pleasant Wealth today to schedule your first free, low-tension meeting.