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.
