The article highlights how many retirees depend heavily on Social Security, often as their primary income source, which is concerning given that this year’s cost-of-living adjustment (COLA) of 2.5% is not sufficient to keep up with inflation. As inflation continues to rise, evidenced by the Consumer Price Index, retirees are at risk of financial hardship. With many lacking adequate savings and pensions, the reliance on Social Security underscores the dire need for retirees to explore financial planning options for sustaining their livelihoods amidst ongoing inflationary pressures.
Many retirees relied heavily on Social Security as their primary income, but this year's COLA of 2.5% is insufficient to keep up with rising inflation.
The Consumer Price Index, essential for calculating Social Security COLAs, has shown significant increases, resulting in many retirees facing financial hardship in an inflationary environment.
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