Social Security 2020 COLA: An early prediction
Okay, so reality is that it’s way too early to make an accurate prediction of what next year’s Cost of Living Adjustment (COLA) will be for those collecting Social Security benefits. After all, COLA is determined by the results of differences in the Consumer Price Index (CPI) for the 3rd quarter of each year, specifically the months of July, August and September of this year compared to the same period last year. But even though the actual CPI numbers won’t be known until October, many prognosticators love to use 1st quarter CPI results as a harbinger of things to come. In this Motley Fool article by Maurie Backman, the author goes out on a limb with an early prediction for a very anemic 2020 COLA increase, and discusses the impact that will have next year on those who rely too heavily on their Social Security benefits. Click here to read more.