Social Security Benefits to Increase in 2020

first_imgThe uptick falls in line with an estimate released last month by the nonpartisan Senior Citizens League but falls short of the 2.8 percent offered in 2019 and 2 percent in 2018.Next year’s 1.6 percent boost will raise the average retiree benefit to about $1,503 per month, according to Mary Johnson, a Social Security policy analyst at the Senior Citizens League. Cost-of-living adjustments, which were implemented more than 40 years ago, are meant to counteract the effects of inflation, but economists are concerned that costs are rising at a much faster rate than the purchasing power of Social Security benefits. Prescription drugs and fresh groceries, for example, have become far more expensive. Some Americans on Social Security will see a little bump of about $24 a month in their checks next year.It’s actually a 1.6% cost-of-living increase that will benefit some 69 million retirees.#BREAKING! Nearly 69 million Americans will get a 1.6% increase in monthly #SocialSecurity and #SSI benefits in 2020. Check #SocialSecurityMatters later this morning for more information: https://t.co/BDNvNs2Opi #COLA #2020COLA— Social Security (@SocialSecurity) October 10, 2019last_img

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