It may be a little early to think about the potential Social Security COLA (cost of living adjustment) changes for 2021, but the writing might just already be on the wall. The pandemic, which is wreaking havoc with every facet of our lives right now, is also now targeting next year’s potential adjustments in the COLA and Social Security payments. Not very good news, is it?
With inflation likely to barely register this year, forecasters say that there will simply be no Social Security COLA for 2021. The COLA, which will be officially set in October 2020, would be zero, zilch, nada, nil. And that means no change in benefits next year for millions of Social Security beneficiaries. That is a blow that many just can’t take.Continue reading“Forecasts Call for No Social Security COLA for 2021”