The latest Social Security COLA prediction is out and it's not good news for retirees.
Millions of Social Security recipients are in line for the smallest increase in four years, according to the latest cost of living adjustment forecast.
That figure is the lowest since 2020 when Social Security recipients saw a 1.3% COLA. That was followed by a 5.9% increase in 2021 and then 2022′s record 8.7%. COLAs, designed to prevent benefits from being eroded by inflation, are determined by data from the Consumer Price Index for Urban Wage Earners and Clerical Workers which tracks the average price of a basket of goods.
According to the CPI, the rate of inflation fell to 2.9% in July, down from 3% in June. Most people, however, have yet to feel the benefit from the dip in inflation and it remains what the TSCL described as a “top concern.”
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