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Retire Better: Never mind the Social Security increase, seniors are in trouble — here’s why

You might have heard that Social Security checks are going up 2.8% next year, the biggest rise in seven years. That translates into an average benefit of $1,461 a month, up $39.

While welcome, it’s necessary to remember that the increase is tied to inflation. Higher payouts will simply enable retirees to keep up with the rising cost of living. It doesn’t mean that anyone’s standard of living will go up—as if an extra $1.28 a day will do much in the first place. Think of a treadmill: You’re not going anywhere.

In fact, retirees and those who are eyeing retirement risk going in a different direction: backward.

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