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COLA and You! - Yahoo! Finance
In mid-October every year, we learn what our Cost of Living Adjustment (COLA) will be for the upcoming year. For most seniors, their Social Security payment is a major source of income, and COLA is applied to your SS monthly benefit starting with your January benefit every year. Thus, COLA plays an important role in raising your SS income to offset annual inflation. But many (likely most) seniors have no idea how the COLA percentage is determined by the Federal Government and, thus, the Social Security Administration. This article by Motley Fool’s Christy Bieber and published by Yahoo! Finance explains the COLA calculation method.
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…