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Will a Social Security cost of living adjustment be enough to offset inflation?

Americans will receive 3.2% more in Social Security benefits due to cost of living adjustment, but will that be enough?

For many Americans, saving for retirement can be a serious challenge, especially when inflation is rampant. Higher prices erode the buying power of money that retirees save for their future.

And while Social Security has a mechanism to check this, the measure can be problematic. It’s called the cost of living adjustment.

Host Scott Tong talks with Jill Schlesinger, CBS News business analyst and host of “Jill On Money.”

This article was originally published on WBUR.org.

Copyright 2023 NPR. To see more, visit https://www.npr.org.