cost-of-living benefit

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Noun1.cost-of-living benefit - a benefit that goes to anyone whose money receipts increase automatically as prices rise
benefit - financial assistance in time of need
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An immediate annuity can offer income for life, as does Social Security, but a SPIA with a cost-of-living benefit guarantees an annual increase in its payout, helping the owner address rising prices each year.
The PIA was not affected by cost-of-living benefit increases in 1979, 1980, or 1981, but the June 1982 cost-of-living increase and subsequent increases apply.
Dean Heller of Nevada and Susan Collins of Maine proposed adding a provision to the bill to restore full cost-of-living benefits to military retirees under the age of 62.
The supplementary cost-of-living benefits, which drop from 5 percent to 3 percent, stop at age 62, excepting the same stipulation.