How is the Social Security COLA calculated?
The Social Security Administration calculates the Cost-of-living adjustment (COLA) applied to benefits each year by comparing the Consumer Price Index for Urban Wage Earners and Clerical Workers from quarter 3 (July, August, September) from the current year to the previous.
The CPI-W data for July and August is available and the current average sits at 291. The average for Q3 last year was 268.421. This means that if the COLA was determined by the numbers from July and August, seniors would see an 8.4 percent boost in their payment amounts. However, if price increases in September were not as large as those seen earlier this summer, this number could shrink.
Business - Latest - Google News
October 12, 2022 at 11:54PM
https://ift.tt/0unsi5K
Social Security COLA 2023 release, live online: estimate, adjustment and inflation relief checks | SSA updates - AS USA
Business - Latest - Google News
https://ift.tt/0lqmfw5
Bagikan Berita Ini
0 Response to "Social Security COLA 2023 release, live online: estimate, adjustment and inflation relief checks | SSA updates - AS USA"
Post a Comment