The Social Security COLA Countdown Is On: Here's How Much Your Increase Will Likely Be as Things Stand Right Now
Fleetwood Mac's "Don't Stop" is an anthem that spans generations. Most people of all ages adhere to its advice to "don't stop thinking about tomorrow." But if you're a retiree, this is especially true when it comes to knowing how your Social Security benefits will change.
You won't know how much the cost-of-living adjustment (COLA) will be tomorrow, though; the official announcement comes in mid-October. However, the Social Security COLA countdown is on. Here's what your increase will likely be as things stand right now.
The Social Security Administration (SSA) calculates the annual COLA using inflation data from the third quarter. Specifically, the agency compares the average Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) for Q3 against the average for the same period in the prior year. The percentage increase (if any) becomes the COLA for the next year.
Source Fool.com
