More than 50, 000 individual prices are collected in each survey round, and a cost-of-living index is calculated from the price data to express the difference in the cost of living between any two cities.

ECONOMIST: Oslo remains the world's most expensive city

We took the job-growth and cost-of-living rankings, and added to the mix a housing affordability index from research firm Moody's Economy.com and a salary index from Seattle-based compensation collection firm PayScale .

FORBES: Most Overpriced Places In The U.S. 2006

Complicating the budget situation is the president's decision against a commission to study a downward revision in the Consumer Price Index, which would reduce cost-of-living adjustments for Social Security recipients and trim other federal benefits.

CNN: Looking For Budget Progress

Daniel Moynihan, D-New York, says the consumer price index overstates the cost of living between .7 and .2 percent.

CNN: Budget cutters take hard look at Social Security - Sept. 27, 1995

He also wants to index it to the Consumer Price Index which means automatic adjustments to the cost-of-living (but not to labor conditions), ensuring that inflation cannot take the pressure off or undermine, depending on your ideology the minimum wage level.

FORBES: The Awful Minimum Wage

Investing in actively-managed mutual funds that charge high fees can lower your standard of living in retirement by as much as one-third over a low-cost index fund strategy.

FORBES: A Sharpe Assault On Mutual Fund Fees