Update: 1.3% COLA Announced for 2021

The Social Security Administration (SSA) is required by law to prevent inflation from eroding the buying power of the benefits paid out to nearly 69 million Americans. It uses a Social Security COLA formula based on the consumer price index to adjust payouts every January. Since prices typically rise, payouts typically rise also. If prices fall, payouts stay unchanged until prices catch back up again. A flat COLA is what Kiplinger is currently forecasting for 2021, given very weak inflation this........

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