Each fall, retirees eagerly wait for news of Social Security’s cost-of-living adjustment, or COLA. Headlines frame it as a “raise” designed to keep pace with inflation. But when the checks finally arrive, many households are left wondering why their budgets still feel tight. That’s because COLA increases often look better on paper than in real life. For retirees living on fixed incomes, the realities behind COLA adjustments can be disappointing. Here are eight reasons Social Security COLA doesn’t always feel like a true raise.
