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What’s a COLA? Is it related to PEPSI?
No. A COLA is not a relative of Pepsi-Cola. It refers to a special Cost of Living Adjustment (COLA) for those receiving Social Security Benefits.
Once a person starts receiving Social Security Benefits, the benefit amount tends to stay the same except for COLAs. For tax year 2020 the COLA will be 1.6%. For a person receiving $600 per month, this COLA will add an additional $9.60 per month to their Social Security Check.
When will the increased benefits start? Social Security beneficiaries will start seeing their larger checks in January 2020. Those receiving SSI benefits (Social Security Income-which may be in addition to Social Security) will start receiving their COLA December 31, 2019.
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