Social Security's COLA Is Great, but It Could Be Greater

As you approach and enter retirement, you'll find yourself much more interested in Social Security -- a topic that perhaps used to seem dreadfully dull. Social Security provides vital income for retirees -- indeed, it keeps more than 22 million people above the poverty line, per the Center for Budget and Policy Priorities.But it doesn't provide quite as much income as many people might expect. As of August, the average monthly benefit for retirees was just $1,920, or about $23,000 for the year. That's not a lot, but here's some good news: Social Security benefits are increased in most years, via cost-of-living adjustments (COLAs).Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool