collage of Social Security cards in blue (Photo: Shutterstock)

Update: Mary Johnson with the Senior Citizens League more recently forecast a 1.1% COLA estimate in July. She will be issuing the last estimate for 2021 on 9/15/20 which will be based on the August CPI data.

Despite the dour outlook this spring, Social Security recipients could be seeing a slight increase in their benefits next year—if inflation continues at its current rate or increases over the next few months.  Social Security cost of living adjustments (COLAs) are calculated by comparing a three-month average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) in the third quarter to the same period the year prior.

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