Why a large COLA increase may not be a good thing - Yahoo!

The Social Security Administration’s Cost-of-Living Adjustments, or COLA, is based on the Consumer Price Index for all Urban Wage Earners and Clerical Workers. The average CPI-W for the third calendar quarter of last year is compared to the average CPI-W for the third calendar quarter of the current year. Any resulting percentage increase matches the percentage by which Social Security benefits beginning for December of the current year will be increased. In mid-October, the Social Security Administration will publish the COLA increase for 2023. But that does not stop the financial experts and the media from predicting what the COLA will be. Currently, the majority of experts are forecasting around 10 percent. Although these predictions may be good news for seniors, there are a few drawbacks. What are these drawbacks? Dawn Allcot explains three reasons why a large COLA increase could backfire on some seniors. Read Ms. Allcot’s article here…

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