Social Security's scheduled cost of living increase 'won't make a dent' for some retirees

Sherri Myers, an 82-year-old resident of Pensacola City, Florida, says the Social Security cost-of-living increase she'll receive in January “won't make a dent” in helping her meet her day-to-day expenses. “Inflation has eaten up my savings," she said. “I don’t have anything to fall back on — the cushion is gone.”