Collecting Social Security? Why You Shouldn't Wish for Giant COLAs, Period.
Be careful what you hope for.
Overview
You'll often hear that retiring on Social Security alone is no easy feat. Those benefits will generally only replace about 40% of your wages if you earn an average salary. And most retirees can't live comfortably on a 60% pay cut.
If you do end up retiring on just Social Security, you may find yourself hoping for large cost-of-living adjustments (COLAs) year after year. After all, larger COLAs mean more money in your pocket.
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Details
Source
Originally published at www.fool.com.
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