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Another reform being considered involves changing the cost-of-living adjustments (COLAs). Social Security benefits are currently adjusted annually to keep pace with inflation. Altering the way COLAs are calculated could result in lower benefit increases over time. The potential effects of these adjustments include reduced financial security for retirees and an increased risk of poverty. However, policymakers must consider balancing the need for program solvency and ensuring adequate benefits for retirees.
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