The cost-of-living adjustment (COLA) is an annual change made to Social Security benefits to help them keep pace with inflation. This means that as the cost of living increases, Social Security benefits are adjusted to help recipients maintain their purchasing power.

The COLA for a particular year is determined by the Social Security Administration (SSA) based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is a measure of inflation calculated by the Bureau of Labor Statistics.

Keep in mind that the COLA is typically announced in October and takes effect in December of the same year for Social Security Disability Insurance (SSDI) benefits and in January of the following year for Social Security retirement and survivor benefits. The percentage increase may vary from year to year, so it’s essential to check the SSA website for the most up-to-date information.

Learn more

To learn more about the cost-of-living adjustment (COLA) for Social Security this year on the Social Security Administration’s website (ssa.gov), follow these steps:

  • 1. Visit the Social Security Administration’s official website at www.ssa.gov.
  • 2. Locate the search bar at the top right corner of the homepage. Type in “cost-of-living adjustment” or “COLA” and press the “Enter” key on your keyboard or click the magnifying glass icon.
  • 3. Browse through the search results to find relevant information about the current year’s COLA. Look for articles or press releases that mention the specific year you are interested in.
  • 4. Click on the most relevant search result to access detailed information about the COLA for the current year. This may include the percentage increase, the reason for the adjustment, and how it will affect Social Security benefits.
  • 5. For additional information, you can also visit the “COLA” section of the website. To access this section, hover your cursor over the “Benefits” tab located in the main menu at the top of the homepage. A dropdown menu will appear; click on “Cost-of-Living Adjustment (COLA)”.
  • 6. In the “COLA” section, you will find comprehensive information about the cost-of-living adjustment, including its history, how it is calculated, and its impact on Social Security benefits. You can also find links to relevant publications and resources for further reading.

By following these steps, you will be able to gather detailed information about the cost-of-living adjustment for Social Security this year on the Social Security Administration’s website.

Our articles make government information more accessible. Please consult a qualified professional for financial, legal, or health advice specific to your circumstances.

We appreciate feedback from readers like you. If you want to suggest new topics or if you spot something that needs fixing, email us anytime at [email protected].