Every year around this time, anyone who gets a regular check from Social Security gets curious and also a bit nervous. That’s because they and I know that in just a few weeks, mid-October, the annual Social Security Cost-of-Living Adjustment (COLA) for 2020 will be announced. This comes as our lawmakers are looking for ways to expand and preserve Social Security, a task they have been avoiding now for decades. So perhaps for them, this news that Americans might be in for a smaller cost-of-living adjustment next year is good news. But not for anyone who depends on it.
According to a new estimate released by The Senior Citizens League on Thursday, the 2020 COLA is forecast to be a 1.6% increase which would come out to about $23.40 per month for the average beneficiary (the average beneficiary received $1,475 a month this year). That compares to the $40.90 beneficiaries received in 2019 which was a 2.8% COLA.Continue reading“2020 Social Security COLA May Not Be Good News”