The Escalation of Oil Prices is Contributing to the 2024 COLA Uplift.
The surge in oil prices has recently been a topic of concern, stirring discussions among economists and policymakers. However, this scenario has a silver lining for retirees. The announcement of the Cost of Living Adjustment (COLA) by the Social Security Administration (SSA) is an annual event crucial for retirees. COLA determines the increment in Social Security checks for the following year based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). …