Social Security’s 2020 Cost of Living Increase – An early prognostication
Well, here we are just barely into the 3rd quarter of 2019 and pundits are already forecasting what next year’s Cost of Living Adjustment (COLA) will be for Social Security recipients. COLA increases each year are determined by the difference between this year’s CPI-W index for the 3rd quarter (the months of July, August and September) compared to the CPI-W index for the same period last year. If this year’s index for those 3 months is sufficiently higher than last year’s, a COLA increase will be given. But even though we’re barely 2/3 of the way into that measurement period, this Motley Fool article offers an early prediction that we can expect a raise of about 1.6 to 1.7% next year. However, will this help seniors keep up with inflation? Not really, according to article author Sean Williams. Click here to read more.