Cost of Living Increase for 2020

October 2, 2019

From CNBC:

When it comes to the forecast for your Social Security benefits in 2020, there’s good news and bad news.

Your Social Security checks are poised to grow next year; however, the annual increase likely won’t be as much as you got in 2019.

That’s according to The Senior Citizens League, which on Thursday released its latest estimate for the Social Security cost-of-living adjustment for 2020.

The nonpartisan group estimates that beneficiaries will get a 1.6% boost in 2020, down from a 2.8% increase in 2019.

That would raise the average retiree benefit of $1,460 by about $23.40 per month, compared with $40.90 this year.

The Social Security Administration is expected to announce the cost-of-living adjustment for 2020 in October.

A 1.6% increase would be the lowest since 2017, the organization said. Social Security cost-of-living adjustments have averaged 1.4% in the past decade.

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