Social Security Benefit Will Increase in 2020

The nation’s 69 million Social Security beneficiaries will see a slight bump in their checks next year.

Social Security recipients will see a small increase in 2020.

The cost-of-living adjustment (COLA) will boost the average Social Security retirement benefit for a single person by $288 per year. The average retirement check is expected to be $1,479 in December 2019 before the COLA raises the benefit to $1,503 a month later.¹

Social Security cost-of-living adjustments have averaged 1.4 percent over the past decade. Retirees and other beneficiaries saw no increase in 2010, 2011 and 2016.¹

What are cost-of-living adjustments?

Cost-of-living adjustments, which were implemented more than 40 years ago, are meant to counteract the effects of inflation.¹

Economists are concerned that costs are rising at a much faster rate than the purchasing power of Social Security benefits.¹

Research by the Senior Citizens League showed that from January 2000 to January 2019, cost-of-living adjustments increased Social Security benefits by roughly 50 percent; however, costs and services frequently incurred by Social Security beneficiaries climbed more than 100 percent during the same period.²

Prescription drugs and fresh groceries, for example, have become far more expensive.²

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It's important to not be solely reliant on Social Security. You can receive a complimentary gap analysis to help understand where you stand regarding your retirement income goal. With a gap analysis, we'll help you close the gap between what you'll have for retirement and what you'll need. We will also help you discover ways to help close the gap, like saving more, working longer, spending less in retirement or investing better with ProNvest.



Visit your ProNvest account or call our retirement service center at 423-648-1878 to receive your complimentary gap analysis over the phone.

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Retirement savers should not rely on Social Security alone. Go through the ProNvest Retirement Planner to receive your customized gap analysis. You can also include other savings vehicles in our analysis to create a complete picture of your retirement.

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