late December for disability beneficiaries and in January for the larger program covering older Americans. It is the largest cost-of-living adjustment since a 3.6% increase in 2012.
Cost of Living increase since 2000:
About 66.7 million people--roughly 1 in 5 Americans--will receive a boost to their nominal income next year due to the adjustment.
Social Security benefits adjust each year for price inflation---inflation, as measured by the government produced consumer price index, specifically the Consumer Price Index for Urban Wage Earners and Clerical Workers, which is a Bureau of Labor Statistics calculated figure.
-RW
Typically the COLA is eaten up by a corresponding increase in the Medicare Part B premium.
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