Social Security Update: Government Shutdown Will Delay Major Announcement
Summary
A government shutdown is causing a delay in the release of important inflation data needed to calculate Social Security benefit increases for next year. The Social Security Administration usually announces the cost-of-living adjustment (COLA) in mid-October, but the shutdown has paused data collection needed for this calculation.Key Facts
- The government shutdown is delaying key inflation data used for Social Security.
- The Consumer Price Index for September is needed to set the annual cost-of-living adjustment (COLA).
- The Bureau of Labor Statistics has stopped data collection during the shutdown.
- Over 72 million people rely on Social Security, including retirees and disabled Americans.
- The announcement of Social Security benefit increases typically occurs in mid-October.
- Even if the government reopens soon, officials expect processing delays.
- The Social Security Administration update affects millions waiting on benefit changes.
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