Social Security changes for 2020
The cost of living adjustment for Social Security will be 1.6% in 2020. This is 43% percent less than the cost-of-living increase of 2.8% that was received this year, 2019.
However, the cost of living adjustment has been even less in the near past.
Historical cost of living adjustments: 2.0 in 2017, 0.3 in 2016, 0.0 in 2015.
“The average retiree will receive a bump of $24 to their average monthly Social Security benefits.”
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… the trustees for Medicare projected the standard monthly premium in 2020 for Medicare Part B, which would increase by $8.80 per month from $135.50 to $144.30 per person. This alone would eat more than a third of the 2020 Social Security cost of living increase.
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… the Social Security Administration also announced that the amount of income subject to SSA taxes will be increased to $137,700. This is a 3.6% increase from the $132,900 of income… in 2019.
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