Back at the end of the 1980’s the Illinois General Assembly passed legislation that guaranteed increases of 3% per year.
That means when inflation is low, pensioners win.
When inflation is high, pensioners lose purchasing power.
Reading the Telegraph out of England, I found an article on its state pensions.
Here is what the Brits call a “triple lock;”
“It guarantees that the state pension increases annually by the highest of inflation, average earnings growth or 2.5pc.”
