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Sunday, October 11, 2015

'Gas pump' COLA vs. Social Security

(CORONA) For a majority of those 65+, the COLA acronym is not about a beverage, but about their Social Security income (SSI).  At least, the term explains how and when they might expect an increase in SSI. Automatic benefit increases for SSI, also known as cost-of-living adjustments or COLAs, have been in effect since 1975. The 1975-82 COLAs were effective with Social Security benefits payable for June (received by beneficiaries in July) in each of those years. After 1982, COLAs have been effective with benefits payable for December (received by beneficiaries in January). ▶ STORY


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