Social Security provides cost of living updates. But for those with additional money to invest, inflation can eat into more conservative investments like cash and bonds.
Typically, unionized companies are the ones that directly tie cost-of-living increases to inflation. And union membership has been falling.
A listener writes: "If you make the minimum wage $15/hour, it’s not enough in New York and it’s way too much in Peoria. Would it be possible to tie the minimum wage to the cost of living?"
The reasons for relocation include the lower cost of living, bigger houses for less money and more conservative politics.
Millions of people's incomes have been reduced or disappeared completely because of COVID-19, and rent day is just around the corner.
Seniors will get an extra 1.6%. But their cost of living rose by 1.9%.
Washington Post reporter Christopher Ingraham once called Red Lake County, Minnesota the "worst place to live in America." Now? He lives there.
China's official inflation is still under 3%, but residents complain that the cost of living in the financial hub of Shanghai just keeps getting higher.
A resident says medical school "made almost no financial sense."