The Social Security Administration (SSA) has announced that a Cost of Living Adjustment (COLA) of 2.8% will be applied to benefits, starting with January 2019 checks. Each year, SSA looks at changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is published by the Bureau of Labor Statistics. Increases in CPI-W are then used to adjust Social Security benefits.
COLAs for the past few years are as follows:
Jan 2016 – 0.0%
Jan 2017 – 0.3%
Jan 2018 – 2.0%
Give Cyan a call at (865)622-2265 if you haven’t claimed Social Security yet and would like an analysis on how to maximize your Social Security benefits.