Option 4: Make the most of your COLA increases

Social Security recipients are able to get an increase in benefits without doing anything. The cost of living adjustments that are issued by the government are made to increase monthly Social Security benefit amounts so you can keep up with inflation.

For instance, benefits are higher with 5.9% for 70 million American citizens because of COLA. But the much-awaited Social Security bonus isn’t exactly a bonus; it’s basically a way of helping retirees deal with rising consumer prices.

Also, bear in mind that COLA increases aren’t always the same as the overall rate of inflation, but getting this increase might allow you to add more to that well-established retirement budget. It can be helpful, especially if you’re obliged to pay more for healthcare or any other medication you might need as you get older.