Social Security checks will get a 1.6% increase in 2020

Personal finance

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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.

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