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An early prediction about the 2020 COLA increase
Cost of Living Adjustments (COLAs) are vitality important to those who rely heavily on Social Security as an important source of their retirement income. So, with COLA having varied so much in the last decade, what might beneficiaries expect for 2020? Well, though the real numbers won’t be known until the end of the 3rd quarter of 2019, this Motley Fool article by Dan Caplinger goes out on a limb to predict, based upon the current performance of the Consumer Price Index which measures inflation, what kind of COLA increase Social Security recipients might expect for next year. Click here to read more.
Looking for 2021 ss cola prediction
Sorry Willard, but there is no way to make that prediction yet. COLA increases are determined after the 3rd quarter of each year by comparing the current year’s 3rd quarter Consumer Price Index for Urban Wage earners and Clerical Workers (CPI-W) to the same period in the previous year. So the 2021 COLA increase won’t be known until October of 2020. If you wish to use a number for financial planning, I suggest using 1.5%, which is about the average over the past decade.
Russell Gloor
National Social Security Advisor
The AMAC Foundation