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It’s official: Your Social Security checks will get a modest increase next year.
The Social Security Administration announced on Thursday that the cost-of-living adjustment for 2020 will be 1.6%.
That number is less than what retirees have received in recent years. In 2019, they got a 2.8% bump, while in 2018 the increase was 2%.
Still, it’s better than zero, which retirees saw ii 2010, 2011 and 2016.
Social Security cost-of-living adjustments have averaged 1.4% in the past decade.
To calculate the change, the Social Security Administration uses the Consumer Price Index for Urban Wage Earners and Clerical Workers, CPI-W, from the Bureau of Labor Statistics.
The 2020 increase is in line with an estimate released last month by the Senior Citizens League, a nonpartisan senior group.
This is a developing story. Please check back for updates.