Your 2021 Social Security Checks Could Get a Surprise Boost After All
The coronavirus pandemic has put strain on everyone, but retirees have a lot more to worry about than others. Older people are at greater risk if they catch the COVID-19 disease, and they're also more likely to have financial challenges. Many retirees live on fixed incomes, with most or all of their money coming from Social Security.
Every year, Social Security recipients get cost of living adjustments designed to take changing prices for essential goods and services into account. Based on the plunge in oil prices during February, it seemed likely that falling energy costs would lead to a complete lack of inflation this year over 2019, which is what goes into the calculation of how much of an increase Social Security benefits see. Yet the most recent inflation data showed a countervailing force that's pushing prices higher -- and that could lead to a positive COLA for 2021 after all.
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Source Fool.com
