OPEC Just Did Social Security Retirees a Huge Favor
If you're a retiree collecting Social Security, you probably know that one of the most important days of the year is just around the corner.
The Social Security Administration (SSA) announces the cost-of-living adjustment (COLA) every year in mid-October. The COLA is the amount by which your Social Security checks will increase next year, and the size of the increase is based on a specific inflation rate, the CPI-W, or the Consumer Price Index for Urban Wage Earners and Clerical Workers. The SSA uses the third-quarter inflation rate of the CPI-W, or the average of the July, August, and September numbers, to determine the COLA for the following year.
With August's inflation report just in last week, Social Security beneficiaries got some potentially good news, courtesy of a surprising source, OPEC (Organization of Petroleum Exporting Countries). Let me explain.
Source Fool.com
