Is another 0% raise in the offing?
David Rae writing in Forbes reviews how the Social Security cost of living adjustment (COLA) is calculated. He admits it is too soon to know for sure what it will be, as the announcement will not come until mid October. July-September inflation data are used. But early indications are it will be zero to a 1% COLA due to the Coronavirus pandemic. Overall prices now are just not moving much higher due to weak demand given the number of unemployed. The best advice is to work as long as possible, delaying the start of benefits past 62. Each month one waits increases the starting benefit permanently. Read Rae’s article here.