Social Security Administration announces lower COLA than the past two years
Source: MarketWatch
The Social Security Administration said Thursday it’s dropping its cost-of-living adjustment to 1.6% for 2020.
A 1.6% adjustment equals about $23 more a month for someone receiving the average retirement benefit, which is $1,460 a month. These annual adjustments to Social Security benefit payments have been averaging 1.4% in the last 10 years, though the last two years have brought higher COLAs. In 2019, the adjustment was 2.8%, and in 2018, it was 2%.
Not everyone will see much of an increase. The Medicare Trustees expect a $9 a month increase for its Medicare Part B premium. That means those who receive a small COLA, based on their monthly benefit, may not receive any adjustment at all — the premium comes out of Social Security benefits. The monthly Social Security benefit cannot fall under what beneficiaries are already receiving, per federal law.
Read more: https://www.marketwatch.com/story/social-security-administration-announces-lower-cola-than-the-past-two-years-2019-10-10?mod=mw_latestnews
Terrific! My rent will probably go up at least 4% (probably won't know until November). Who has seen lower prices for anything at the grocery store? Not me!
I'm fortunate that Social Security isn't my sole income in retirement. I don't know how people who have nothing else in retirement make it.
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They give huge tax cuts to millionaires who don't need it, and take it away from people who have to count every penny to survive.
I always think of my sick parents, and disabled sisters when this shit comes up, who relied on SS and Medicare/Medicaid before they passed away.
I really hate these repulsive, predatory pigs.
