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The article discusses the issue of retirees not being able to rely on cost-of-living adjustments. The author, an actuary with over 40 years of experience, argues that most private-sector pensions do not provide any cost-of-living adjustment and are not indexed to inflation. Public-sector pensions may offer limited adjustments, but they are rarely fully indexed to inflation. Social Security benefits are indexed to inflation, but increases in Medicare premiums often offset the net increase. With the decline of defined-benefit plans, many retirees have to rely on 401(k) balances, which are eroded by inflation. The author concludes that retirees are not largely protected in terms of cost-of-living adjustments. [Extracted from the article]