"The Consumer Price Index that COLAs are based on shows a 2.6% increase, and experts now project the COLA will be between 2.6% and 2.7%."
"Social Security benefits are a crucial income source for retirees, guaranteed to last for life and protected against inflation through Cost of Living Adjustments."
Recent data shows a 2.6% increase in the Consumer Price Index, indicating that Social Security's Cost of Living Adjustment (COLA) could be between 2.6% and 2.7%. This projection is similar to last year's adjustment and raises questions for retirees regarding the adequacy of their benefits in combating inflation. Social Security, being a critical source of income for seniors, is designed to adapt to economic changes. The final COLA will be confirmed in October, based on comprehensive CPI data analysis.
Read at 24/7 Wall St.
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