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More on the 1.3% COLA Announcement
CNBC goes into some detail on what today’s (10/13) announcement of a 1.3% cost of living adjustment (COLA) means. A 1.3% increase is smaller than this year’s 1.6% bump to benefits. In 2019, the COLA was 2.8%. Still, the 2021 increase is bigger than those in some recent years. In 2010, 2011 and 2016, the COLA was zero. In 2017, it was 0.3%. The Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W to calculate the COLA. Full article here.
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