Reported 18 days ago
The article explains how the cost of living adjustment (COLA) for Social Security benefits is determined. It outlines that COLA is calculated based on the percentage increase in the Consumer Price Index for urban wage earners and clerical workers (CPI-W), as specified in the Social Security Act. The adjustment, if applicable, is rounded to the nearest tenth of a percent, and there was a 3.2% COLA implemented in 2024. The piece features insights from experts discussing various aspects of retirement planning.
Source: YAHOO