Millions of older Americans will see a 2.8% increase in their monthly Social Security checks starting in January due to a recent Social Security Administration (SSA) cost-of-living adjustment (COLA), but experts say the boost still falls short of keeping up with real costs for retirees.

Prices for groceries, housing and medical care are rising closer to 3.1% per year, and only 22% of Americans ages 50 and older told AARP they believe the upcoming COLA will be enough. As a result, many retirees may still see their purchasing power eroded.

The mismatch stems from the way COLAs are calculated. Currently, the details ⇒

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