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More on the 1.3% COLA Announcement

CNBC goes into some detail on what today’s (10/13) announcement of a 1.3% cost of living adjustment (COLA) means.  A 1.3% increase is smaller than this year’s 1.6% bump to benefits.  In 2019, the COLA was 2.8%.  Still, the 2021 increase is bigger than those in some recent years.  In 2010, 2011 and 2016, the COLA was zero.  In 2017, it was 0.3%.  The Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W to calculate the COLA.  Full article here.

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