Social Security checks will get a 1.6% increase in 2020

Personal finance

Squaredpixels | Getty Images

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.

Articles You May Like

Medicare users still have time to change, drop 2023 Advantage Plan coverage. What to know
A Conversation With Designer Katie Kime
Interior Designer Jennifer Hunter Talks About Traditional Design And Her Career
Real Estate Buyers Are Not Liars, Agents Just Need To Listen
Stocks making the biggest moves midday: Carvana, Colgate-Palmolive, Tesla and more

Leave a Reply

Your email address will not be published. Required fields are marked *