A year ago, the cost of living adjustment for Social Security was 5.9%, which is probably the highest rate increase that was registered in the last 40 years. The percentage went even higher in order to accommodate all the rising costs of goods and services.
As inflation hit grocery store shelves, gas stations, and housing markets, COLA was mainly meant to help retirees support themselves. As much as the increased Social Security benefits might help a little bit, living on a fixed income is no easy game, especially as prices are rising. Besides, there’s another rising concern on the horizon: no one knows if the inflation rates will go even higher when it will happen, and for how long. In such circumstances, you might want to find brand-new ways to cope and survive. Let’s see what you can do: