The table below shows estimated future cost-of-living adjustments (COLAs) and estimated future percentage increases in the national average wage index (AWI). These estimates are derived from the "intermediate" assumptions in the 2012 Trustees Report.

The AWI is used to index an individual's earnings through age 60 in the benefit calculation formula, and the COLA is used to increase benefits annually. The COLA shown for a year is effective for December of that year, but is payable in January of the following year.

COLAs & AWI increases under
the intermediate assumptions
of the 2013 Trustees Report
Calendar year COLA
(percent)
Increase in
AWI (percent)
2012 1.7 3.1
2013 2.0 1.7
2014 2.0 2.5
2015 2.5 4.5
2016 2.6 5.4
2017 2.7 5.5
2018 2.8 5.3
2019 2.8 5.0
2020 2.8 4.4
2021 2.8 4.1
2022 and later 2.8 3.9 a
a Average increase.