New Delhi, April 24 -- US Social Security benefits serve as the financial backbone for nearly 57 million retirees who rely on these payouts. However, over time, these benefits start becoming inadequate as prices continue to rise.

These monthly payouts don't seem to go as far when groceries, gas, and seemingly everything else are more expensive than they were just a few years ago, USA Today reported. For this reason, the US Social Security programme has an annual cost-of--living-adjustment (COLA), which helps offset some of the effects of inflation.

The report suggests that while the COLA system isn't perfect, it is still better than nothing.

1. The COLA is not based on the standard inflation metric, but rather on changes in inflation. ...