The cost of living has increased by 1.6% in 2020. As a result, around 69 million retirees will get benefit through social security checks.
The number has reduced in comparison to the previous two years. In 2019, the cost of living increased by 2.8% while it was 2% in 2018.
Though the number is marginally less than the last couple of years, it’s still better than zero. In 2010, 2011, and 2016 the retirees saw zero increase in social security.
The official twitter handle for social security has confirmed the news.
The average social security adjustment was 1.4% in the past decade. The social security administration used the Consumer Price Index for Clerical Workers and Urban Wage Earners to calculate the data. It also used some information from the Bureau of Labor Statistics while compiling the information.
The 1.6% increase in the cost of living will translate around 24 USD per month for an average retired worker. After the increase of 1.6%, now an average retired person will get 1,503 USD per month starting from January.
As 2020 is an Election year, the development is making sense. The Democrats are using social security in their election campaign regularly and asking for more protection against inflation.
