Social Security's Trump Bump-Led 2027 COLA Is Set to Make History 3 Different Ways
Donald Trump’s policies are boosting consumer prices, which means an outsize Social Security raise is likely on the way.
Overview
We're getting close to one of the most exciting times of the year for Social Security's more than 71 million traditional beneficiaries (retired workers, workers with disabilities, and survivors of deceased workers). I'm talking about the annual unveiling of Social Security's cost-of-living adjustment (COLA), which is slated for Oct. 14.
Put simply, Social Security's COLA is the "raise" beneficiaries receive to combat the effects of inflation and avert a loss of buying power. Since rising prices (inflation) are perfectly normal in an expanding economy, the Social Security Administration has passed along a raise to its beneficiaries in all but three years (2010, 2011, and 2016) since 1975.
Details
Social Security's 2027 COLA is set to make history on three fronts, thanks in part to policies put in place by President Donald Trump.
Source
Originally published at www.fool.com.