It’s nearly that time again when the Social Security Administration reveals the Cost of Living Adjustment (COLA) for Social Security and SSI beneficiaries. In fact, as the government shutdown was postponed for a little while at least, we’re just a week away now from expected the announcement.
The COLA itself is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI) from the third quarter of the previous year to the third of this one. It would be safe to say that the figures are in, even if they aren’t yet out. Those who care about these things and have the means to work it all out have done so, and the general consensus of reports indicate we’re in for a 3.2% hike.
The rise is rather modest compared to last year’s enormous 8.7% but compares favorably to COLAs in the past decade. If the predictions are correct SSI recipients will see the monthly Federal Benefit Rate (FBR) increased from the current $914 to $943, but we’ll just have to wait a little longer to get the actual figures.
No matter what the outcome, as always, the change will only go into effect at the turn of the year.