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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Citations.

1 - https://www.ssa.gov/news/cola/
2 - https://www.washingtonpost.com/business/2019/10/10/social-security-recipients-will-see-small-increase/