By Kris L. Maser
Social Security offers annual inflation adjustments. Currently, the cost-of-living adjustment is 2.8%.
So, as a follow up to the example on my previous blog, if your monthly benefit is $2,000:
• In 10 years your monthly benefit will be $2,636.
• In 20 years your monthly benefit will be $3,474.
• And in 30 years your monthly benefit will be $4,580.
I pose the same question: Did you pay enough into the system while you were working to sustain this kind of benefit? Read my next blog for information on the reform proposals being studied.