Are You Making Less Than You Did Last Year Because of Inflation?
Your salary may be going up, but your purchasing power could be dropping.
Your year-end bonus or annual pay bump might not be enough to cover the jump in expenses seen this year.
Across the board, prices are 6.8% higher from a year ago. This sharp intake in prices prompted the Social Security Administration to raise its cost-of-living adjustment by 5.9%, the largest increase the organization has made in nearly 40 years.