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Social Security and inflation: What the CPI means for you

·2 min read
Social Security and inflation: What the CPI means for you

It says something that we are now celebrating an annual inflation figure of “only” 8.5%. The annual cost of living adjustments, or COLA, made to Social Security benefits are based on a particular version of the Consumer Price Index, known as CPI-W, designed around the supposed living expenses of “urban wage earners and clerical workers.” Based on the latest numbers, analysts at the Senior Citizens’ League calculate that the next COLA for Social Security is likely to come in at 9.6%, equal to an extra $159 a month for a beneficiary on an average benefit of $1,656 per month.