Here's How a COVID-19 Surge Could Kill Seniors' Chance of a Social Security Raise in 2021

Unfortunately, there's already talk that there won't be a cost-of-living adjustment, or COLA, for Social Security in 2021, due to sluggish consumer spending that's lowered the cost of common goods and services. When the index shows an uptick in the cost of common goods and services, seniors on Social Security get a raise, the extent of which varies based on how the CPI-W moves. CPI-W data from the first half of 2020 isn't pointing to a Social Security raise (despite an increase in food costs, the general cost of goods and services has declined).