The specifics of the calculation are pegged to CPI-W averages recorded in Bureau of Labor Statistics data from the third fiscal quarters. As the Social Security Administration spells out, “a COLA effective for December of the current year is equal to the percentage increase (if any) in the...
Comprehensive and meticulously documented facts about Social Security. Learn about Social Security's taxes, benefits, financial status, reform options, and more. For example: • Taxable Maximum • Causes of Fiscal Problems • Old-Age Benefits • “Looting the Trust Fund” • Personal Ownersh...
The Social Security Administration (SSA) has announced a relatively large 2% Cost of Living Adjustment (COLA) for 2018. Benefits like Social Security or Supplemental Security income, that are tied to COLA will reflect the 2% increase in January 2018. The increase is equivalent to about $27 more...
The answer is a little more complicated than it seems. Officially, you can start your retirement benefit at any point from age 62 up until age 70. Your benefits will be higher the longer you delay taking Social Security due toCost Of Living Adjustments(COLA) that tend to keep up with inf...
The Social Security Administration sets its yearly COLA based on inflation during the third quarter, or from July through September. The agency takes the average inflation rate over that period from what's known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W,...
Cost-of-Living Adjustments (COLA):Each year, the Social Security Administration may make cost-of-living adjustments to ensure that benefits keep pace with inflation. These adjustments are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If a COLA is approv...
The COLA is only part of the annual financial calculation for seniors. Medicare’s “Part B” premium for outpatient care usually gets announced in the fall as well. That amount generally increases, so at least some of any additional Social Security raise goes to health care premiums. ...
The Social Security Administration sets its yearly COLA based on inflation during the third quarter, or from July through September. The agency takes the average inflation rate over that period from what's known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W,...
WhenSocial Securitywas introduced in 1935, it was never intended to be a primary income source that could support people in retirement. Rather, its sole purpose was to provide a safety net for people who were unable to accumulate sufficient retirement savings. For the next several decades, the ...
Treasury account that pays Social Security benefits to retired workers, their survivors, and eligible children. more What Is a Cost-of-Living Adjustment (COLA) and How Does It Work? A cost-of-living adjustment (COLA) is an annual increase to Social Security and Supplemental Security Income ...