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Retire Better

Opinion: Seniors are getting a big Social Security raise — but here’s why they’re falling further behind

The higher payment will be gobbled up elsewhere

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The 65 million Americans who receive Social Security are getting a raise. The government announced Wednesday that they are getting a 5.9% cost of living adjustment (COLA), the biggest increase in four decades. Beginning in January, the average retiree will get $1,646 per month, an increase of $91. Last year’s COLA was 1.3%.  

Read: What the COLA hike means for your retirement