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COLA will be announced today! Do you understand the process? - CNBC
Historically, the annual Cost of Living Adjustment (COLA) to everyone’s Social Security benefit is announced on October 15th, but this year the announcement was delayed to October 24th because of the government shutdown. Thus, today is a big day for Social Security recipients!
Nevertheless, you are likely to be disappointed in how much your Social Security benefit will change, according to this CNBC article by Lorie Konish. And that’s because inflation has actually outpaced COLA for many years, making it hard to get ahead of your daily living expenses. So how does this happen? This article provides a detailed look at how COLA is determined each year, offering insight into some thought on changing the methodology. But there’s something the article leaves out – specifically, that Medicare premiums will likely rise by more than $21 per month in 2026. And since Medicare is deducted from each person’s Social Security payment, the actual dollars that seniors get from COLA may be a much smaller amount. Click here to read the CNBC article about the expected COLA increase.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…