I hope everyone had a great weekend.
Looking back at the financial turbulence the economy has faced this year, it is possible that there will not be an annual cost-of-living-adjustment to Social Security benefits in 2021. The outcome could change over the next four months since the Social Security Administration announces the COLA in October.
The last time there was no COLA increase was in 2016 due to low inflation and then prior in 2008 and 2009 because of the recession. More information on the topic can be found here.
Have a good week and read your stock market update below.
Joel Johnson, CFP®
CEO and Managing Partner, Johnson Brunetti