It’s official. Your Social Security checks will get a modest increase next year. The Social Security Administration announced 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 in 2010, 2011 and 2016. Some of the adjustments that take effect in January are based on the increase in average wages.
If you receive Social Security benefits you should receive a notice in the mail sometime in December about what your new benefit amount will be.
Information about Medicare changes for 2020, when announced, will be available at www.medicare.gov.
