COVID-19 Has Probably Eliminated Your 2021 COLA Increase
Most seniors rely heavily on their Social Security income, so the Cost Of Living Adjustment (COLA) granted in most years is a welcome raise. But, whether or not a COLA increase will happen depends on the state of the American economy, and the COVID-19 pandemic has wreaked havoc thereon. COLA is determined by changes to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) and, as described in this article by Sean Williams appearing in the Winston-Salem Journal, early CPI-W indicators are pointing to either no 2021 COLA increase, or a very small one. Click here to read more.
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