Since the CPI-W did rise, the law increases benefits to help offset inflation. Other changes that would normally take effect based on changes in the national average wage index will begin in January Information about Medicare changes for , when announced, will be available at www. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.
You can find more information about the COLA at www. For changes in the national average wage index, go to www. February 28, PM. That happened in and , as the economy struggled to recover from the Great Recession, and again in , when plummeting oil prices swept away any chance of a COLA for that year. National average prices are used, not regional. SSA also calculates the percent change between average prices in the third quarter of the current year with the third quarter of the previous year.
Skip to header Skip to main content Skip to footer. Home retirement. Most Popular. Tax Breaks. February 25, Income investors are often all about dividends, but that may not be a smart strategy for retirees. Social Security benefits will increase by 5. Federal SSI payment levels will also increase by 5. Because the normal SSI payment date is the first of the month and January 1 is a holiday, the SSI payments for January are always made at the end of the previous December.
How is a COLA calculated? A COLA effective for December of the current year is equal to the percentage increase if any in the CPI-W from the average for the third quarter of the current year to the average for the third quarter of the last year in which a COLA became effective.
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