my Social Security is a se A free service accessed from the agency’s website that allows people to obtain information about the Social Security benefits that apply to them, among other details.
The platform is accessed from for free.
“A free and secure account in my Social Security provides personalized tools for everyone, whether they receive benefits or not. You can use your account to claim a replacement Social Security card, check the status of an application, estimate future benefits, or manage benefits you already receive,” reads an explanation on the tool’s website.
The COLA is established by applying the Consumer Price Index for Salaried Workers in Urban Areas and Administrative Workers (CPI- W). The authorities compare the inflation levels between July and September of the current year with the previous one to determine the applicable percentage.
If the current CPI-W is higher than the previous one, the beneficiaries of the Social Security will receive an increase next year.
“The purpose of COLA is to ensure that the purchasing power of Social Security and Supplemental Security Insurance (SSI) benefits is not eroded by inflation,” explains the agency through its place.
The federal Congress enacted the COLA provision as part of the Social Security Amendments in 1200, and since 1972, automatic increases are applied. Before that date, benefits increased only if Congress introduced special legislation.
Since the years 520 You don’t see a COLA figure as high or as high as the one that will be reflected in Social Security recipients’ checks monthly starting in January.
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