Social Security COLA

Social Security COLA Click to Enlarge

Millions of Social Security recipients and other retirees will get a 2 percent increase in benefits next year. The Social Security Administration announced the cost-of-living increase. It's the largest increase since 2012, but comes to only $25 a month for the average beneficiary. By law the COLA is based on a broad measure of consumer prices generated by the Bureau of Labor Statistics. Advocates for seniors claim the inflation index doesn't accurately capture rising prices faced by seniors, especially for health care.

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