SS Projections: COLA adjusted?

[perez99]

Hello all,

Looking at a recently received SS statement (wanted to confirm anypia results), it states a certain amount to be received at FRA. I'm about 10 years out to FRA.
Is the amount to actually receive at FRA will be COLA adjusted so that the "purchasing power" will be theoretically tha same at the amount shown in the statement today?
I think so, but wanted to confirm.
Thanks!

 

[Dtail]

That is correct, plus through age 60 instead of COLA, the future amounts will be adjusted by the Average Wage Index (AWI).

 

[Exchme]

For those of us unlucky enough to be be 60 last year, seems likely we will get a permanent reduction in benefits as the wages were down last year. Since the AWI usually goes up much faster than the CPI and we switch at 61 to the CPI, we took the down escalator but never get to take up one.
After the numbers come out in October, hoping for a legislative fix, otherwise the 1960 birth cohort may have a permanent cut due to Covid.

 

[Dtail]

For those of us unlucky enough to be be 60 last year, seems likely we will get a permanent reduction in benefits as the wages were down last year. Since the AWI usually goes up much faster than the CPI and we switch at 61 to the CPI, we took the down escalator but never get to take up one.
After the numbers come out in October, hoping for a legislative fix, otherwise the 1960 birth cohort may have a permanent cut due to Covid.

Yup that's me too. Let's hope for that fix. Would be a damn shame to have a 30 year effect due to one event.

 

[perez99]

Thanks to all!