The Numbers Are In : The Yearly Cost of Living Adjustment

The Social Security Administration (SSA) has announced a 1.3 percent cost of living increase for the 64 million Americans who receive Social Security and the 8 million Americans who receive Supplemental Security Income benefits. 

A 1.3% increase is very small, amounting to only $20 per month for many Americans.  There is a current bill before Congress to increase that percentage to 3%.  For now, the increase is 1.3% but hopefully, the 3% will pass.

The yearly cost of living adjustment (COLA) is tied to the Consumer Price Index.  Read about this and other changes, including a change in the amount of income subject to Social Security tax on the Social Security website. 

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