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Recent Social Security COLA Should Be a Warning

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While the recent announcement of the 2017 cost of living adjustment for Social Security didn't lead to many cheers, experts say it can serve as a good wake up for Americans.

"Although the recent COLA announcement from the Social Security Administration didn't inspire much enthusiasm, it can be useful as a reminder that Americans are now responsible for the majority of our own retirement security, which includes both saving enough money for retirement and ensuring that our money lasts as long as we do," said Katie Libbe, vice president of consumer insights for retirement and insurance firm Allianz Life.