COLA is the cost of living adjustment that is made to social security recipients every year to make sure people receive enough after inflation.
The increase is decided on using data provided by the Consumer Price Index for Urban Wage Earners and Clerical Workers.
This year has seen one of the highest increases in recent years for inflation, with some families spending hundreds more on gas and groceries.
COLA is always announced in October following the final month of third quarter statistics.
That will be released Wednesday, Oct. 13 at 8:30 a.m., so it could be when Social Security makes the announcement.
The Senior Citizens League estimates the rise to be around 6% this year.
The last jump that was close to that high was in 1982 when it rose 7.4%.
This means people can expect around $100 or more per month who collect the average $1500 per month.
The maximum payout anyone collecting SSI can receive is $3,895 and if the COLA is raised 6%, they could see $233.70 more per month.
No matter the number, it will go into effect in January of 2022.
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