Recently read that although the economy is good and wages have somewhat increased, so have the cost of goods and services, which pretty much cancels any benefit for the average Joe. It also means federal employees are getting screwed.
Being retired puts changes the formula somewhat. My guaranteed annuities, increase every August. Whether it's a big enough "raise" to cover the rising cost of goods and services is difficult to predict. My expenses outside of the necessary ones are almost non-existent and definitely under my control.