Social Security checks will get a 1.6% increase in 2020
The Social Security Administration announced that next year's cost-of-living adjustment will be 1.6%.In comparison, the average COLA over the past decade has been 1.4%.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%., while in 2018 the increase was 2%.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.released last month by the Senior Citizens League, a nonpartisan senior group.
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