The Social Security Administration (SSA) typically announces yearly cost-of-living-adjustments (COLA) on 15th October, coinciding with the release of the September Consumer Price Index data by the US Labor Department. This is because the COLA is based on Q3 inflation figures.
The COLA raises benefits for over 70 million beneficiaries every year to help seniors, people with disabilities, survivors, and other recipients maintain their purchasing power as inflationary pressures push prices higher.
