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Next COLA Could be 3% or Less
After a record 8.7% cost of living adjustment (COLA) effective January 2023, eyes are beginning to turn to predicting the next COLA. Brian O’Connor notes beneficiaries must temper expectations now. Inflation is coming down as measured in the Consumer Price Index (CPI). But CPI and how Social Security’s COLA are calculated are different. The latter’s adjustment is made based on the change between the third quarters of the similar Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers (CPI-W). Sometimes the difference works out in favor of Social Security recipients; other times not so. Full article here.
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