Social Security COLA increase: There’s a change in projected cost-of-living raise

The latest projections for next year’s Social Security benefits show a slight decrease. The latest estimate is 8.7%, almost a full percentage point from the 9.6% the Senior Citizens League predicted last month. The change was driven by a drop in gasoline prices and flaws in the way the increase is calculated. Only three other times since the start of automatic adjustments that it was higher – 1979, 1980 and 1981. The Social Security Administration announces the COLA on Oct 13 after the release of the September consumer price index.

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