Even if a person is fortunate enough to have a pension, many pension plans do not have a Cost of Living Adjustment (COLA) provision, so purchasing power goes down each year.

FORBES: Will You Have Enough to Retire?

Starting at the end of December, millions of Social Security recipients will start to see higher payments due to the cost-of-living adjustment (COLA) increase.

FORBES: Seniors Should Take the Time to Research Their Social Security Payments and Healthcare Premiums

Earlier this month, President Barack Obama proposed to tweak the formula for calculating the cost-of-living adjustment, or COLA, for Social Security recipients.

WSJ: Refiguring Inflation With 'Chained CPI' Will Hit Retirees' Income