Social Security's 2021 Raise Will Be the Lowest Since 2017
Social Security benefits are supposed to be protected against inflation. To make sure seniors don't lose buying power, periodic cost of living adjustments (COLAs) occur in years when the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) shows a year-over-year increase.
For a while, it didn't appear that the CPI-W would show any bump in costs this year due to the coronavirus. But now the data is out for the crucial months used to calculate each year's COLA, and seniors on Social Security will get a raise in 2021. But it's not all good news.
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Source Fool.com
