top of page
Search

COLAs: Did You Know?

Leigh B. Smith, CLU, ChFC

Updated: Jun 23, 2022


In the world of Social Security retirement benefits, it's hard to know what to expect. Every year about this time, it seems like we start to hear about the possibility of Cost of Living Adjustments (COLAs) for the next year. Here are a few interesting details about how it all works:


The Social Security Administration (SSA) is required by law to prevent inflation from eroding the buying power of the benefits they pay. They have a formula that they use to calculate the COLA each year. It's based on the consumer price index, specifically measuring the third quarter of the year (July-Aug-Sept) against the third quarter of the prior year.


If you've been wondering what the consumer price index looks like for 2020, check out this link.



This year, the 2021 COLA will be announced October 13. And just in case you're interested, here are the COLAs back to 2009:


  • 2020: 1.6%

  • 2019: 2.8%

  • 2018: 2.0%

  • 2017: 0.3%

  • 2016: 0%

  • 2015: 1.7%

  • 2014: 1.5%

  • 2013: 1.7%

  • 2012: 3.6%

  • 2011: 0%

  • 2010: 0%

  • 2009: 5.8%

If you're concerned about keeping up with inflation, there are some financial strategies that may make sense. Check out our events, or call our office to speak to one of our financial specialists!


For more information, check out this article from Kiplinger Finance.








 
 
 

Comments


Commenting has been turned off.
  • Twitter
  • Facebook
  • Instagram

770-281-9390

Address:
Beechwood Shopping Center

196 Alps Rd

Athens, GA 30606

(We work out of the Runway Coworking space.)

The information on this website is provided as information only and should not be considered investment, tax or legal advice or a recommendation to buy or sell any type of investments. Advisory services are only offered to clients or prospective clients where our firm and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by our firm unless a client service agreement is in place. Form ADV and Form CRS contain important information about the advisory services, fees, business, background, and experience of advisory personnel. 

 

Advisory services offered through Insight Folios, Inc., a registered investment adviser.  Insurance products offered through Wealth Academy of Georgia, LLC. Insight Folios, Inc.  and Wealth Academy of Georgia, LLC are not affiliated entities.

*Wealth Academy of Georgia, LLC does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of any other agency, organization, employer or company. Assumptions made in the analysis are not reflective of the position of any entity other than the author(s) – and, since we are critically-thinking human beings, these views are always subject to change, revision, and rethinking at any time. 

©2019 by Wealth Academy of Georgia. 

bottom of page