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Social Security: Cost-of-Living Adjustments [Updated October 14, 2020]
From the Summary: "To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). According to parameters outlined in the Social Security Act (42 U.S.C. §415(i)), a 1.3% COLA is payable in January 2021. For a retired worker receiving the average monthly benefit amount of $1,523, the COLA will result in a $20 increase in Social Security benefits (after final rounding down to the nearest dollar for a total of $1,543). Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS)."
Library of Congress. Congressional Research Service
Breslauer, Tamar B.; Davies, Paul S., 1970-
2020-10-14
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Social Security: Cost-of-Living Adjustments [October 26, 2017]
"To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). According to parameters outlined in the Social Security Act (42 U.S.C. 415(i)), a 2.0% COLA is payable in January 2018. For a retired worker receiving the average benefit amount of $1,377, the COLA will result in a $27 increase in Social Security benefits (for a total of $1,404). Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS). The COLA equals the growth, if any, in the index from the highest third calendar quarter average CPI-W recorded (most often, from the previous year) to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. (Social Security payments always reflect the benefits due for the preceding month.) If there is no percentage increase in the CPI-W between the measuring periods, no COLA is payable. [...] The January 2018 COLA will also be applied to Supplemental Security Income (SSI) and railroad retirement 'tier 1' benefits, among other changes in the Social Security program. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered directly by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. As a result, their recipients similarly will receive a similar COLA payable in 2018."
Library of Congress. Congressional Research Service
Whittaker, Julie M.
2017-10-26
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Social Security: Cost-of-Living Adjustments [October 27, 2016]
"To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). According to parameters outlined in the Social Security Act, a 0.3% COLA is payable in 2017. For a retired worker receiving the average benefit amount of $1,356, the COLA will result in a $4 increase in Social Security benefits. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS). The COLA equals the growth, if any, in the index from the highest third calendar quarter average CPI-W recorded (most often, from the previous year) to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. (Social Security payments always reflect the benefits due for the preceding month.) If there is no percentage increase in the CPI-W between the measuring periods, no COLA is payable. [...] The COLA will also be applied to Supplemental Security Income (SSI) and railroad retirement 'tier 1' benefits, among other changes in the Social Security program. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered directly by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. As a result, their recipients similarly will receive a similar COLA payable in 2017."
Library of Congress. Congressional Research Service
Whittaker, Julie M.; Liou, Wayne
2016-10-27
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Social Security: Cost-of-Living Adjustments [October 27, 2016]
"To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). According to parameters outlined in the Social Security Act, a 0.3% COLA is payable in 2017. For a retired worker receiving the average benefit amount of $1,356, the COLA will result in a $4 increase in Social Security benefits. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS). The COLA equals the growth, if any, in the index from the highest third calendar quarter average CPI-W recorded to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. If there is no percentage increase in the CPI-W between the measuring periods, no COLA is payable. No COLA was payable in January 2010, January 2011, or in January 2016. COLAs were paid from 2012 to 2015. The COLA will also be applied to Supplemental Security Income (SSI) and railroad retirement 'tier 1' benefits, among other changes in the Social Security program. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered directly by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. As a result, their recipients similarly will receive a similar COLA payable in 2017."
Library of Congress. Congressional Research Service
Whittaker, Julie M.; Liou, Wayne
2016-10-27
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Social Security: Cost-of-Living Adjustments [October 29, 2014]
"To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). Benefits will be increased by 1.7% in 2015, following an increase of 1.5% in 2014. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS). The COLA equals the growth, if any, in the index from the highest third calendar quarter average CPI-W recorded (most often, from the previous year) to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. (Social Security payments always reflect the benefits due for the preceding month.) […] Because a COLA of 1.7% will be paid to Social Security beneficiaries in 2015, identical percentage increases in Supplemental Security Income (SSI) and railroad retirement 'tier 1' benefits will be paid, and other changes in the Social Security program will be triggered. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered directly by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. As a result, their recipients similarly will receive a 1.7% COLA in January 2015."
Library of Congress. Congressional Research Service
Sidor, Gary
2014-10-29
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Social Security: Cost-of-Living Adjustments [November 6, 2013]
"To compensate for the effects of inflation, Social Security recipients usually receive an annual cost-of-living adjustment (COLA). Benefits will be increased by 1.5% in 2014, after an increase of 1.7% in 2013. Social Security COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS). The COLA equals the growth, if any, in the index from the highest third calendar quarter average CPI-W recorded (most often, from the previous year) to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. (Social Security payments always reflect the benefits due for the preceding month.) […] The Congressional Budget Office (CBO) and the trustees for the Social Security trust funds both project annual COLAs beyond 2014. This report is updated annually."
Library of Congress. Congressional Research Service
Sidor, Gary
2013-11-06
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Social Security: Cost-of-Living Adjustments [November 8, 2012]
"To compensate for the effects of inflation, Social Security recipients received cost-of-living adjustments (COLAs) through the legislative process sporadically from 1950 to 1974, and automatically through a trigger mechanism in all but two years from 1975 to 2012. No adjustment was made in 2010 and 2011. Benefits will be increased by 1.7% in 2013, after an increase of 3.6% in 2012. The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), updated monthly by the Department of Labor's Bureau of Labor Statistics (BLS), is the measure that can trigger a change. The Social Security COLA is based on the percentage change in the index from the highest third calendar quarter average CPI-W recorded (most often, from the previous year) to the average CPI-W for the third calendar quarter of the current year. The COLA becomes effective in December of the current year and is payable in January of the following year. (Social Security payments always reflect the benefits due for the preceding month.) If there is no percentage increase in the CPI-W between the measuring periods, no COLA is payable. No COLA was payable in January 2010 because the average CPI-W for the third quarter of 2009 did not increase from the average CPI-W for the third quarter of 2008, and again in 2011 because the average CPI-W for the third quarter of 2010 remained below the average CPI-W for the third quarter of 2008. When the average CPI-W for the third quarter of 2011 exceeded that for 2008 by 3.6%, establishing a new benchmark, a COLA was payable in 2012. Because the average CPI-W for the third quarter of 2012 exceeded the average CPI-W for the third quarter of 2011 by 1.7%, the COLA for 2013 will be 1.7%. Because a COLA of 1.7% will be paid to Social Security beneficiaries in 2013, identical percentage increases in Supplemental Security Income (SSI) and railroad retirement 'tier 1' benefits will be paid, and other changes in the Social Security program will be triggered. Although COLAs under the federal Civil Service Retirement System (CSRS) and the federal military retirement program are not triggered directly by the Social Security COLA, these programs use the same measuring period and formula for computing their COLAs. As a result, their recipients similarly will receive a 1.7% COLA in January 2013."
Library of Congress. Congressional Research Service
Sidor, Gary
2012-11-08
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