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, 2019
The 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.