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Could the record low gasoline prices affect your Social Security increase in 2021?

The Bureau of Labor Statistics’ first-quarter data point to a 0.8 percent Social Security cost-of-living adjustment (COLA)  in 2021; however, the estimate is early and subject to change.  So why this increase is lower than the 1.6 percent COLA increase retirees received this year? The COVID-19 pandemic has upended the U.S. economy, and with the gasoline prices hitting a record low, it is driving down the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W.  Read article here…

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