Social Security Benefits Up in 2020…measly 1.6%

For those receiving Social Security Benefits, we have some good news and some bad news for you.

Here is a link to an article that tells us that the retirees can expect an increase in benefits next year.  https://seniorsleague.org/social-security-benefits-increase-by-just-1-6-in-2020/

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The bad news is that the increase will be 1.6%. Here is an excerpt from the article:

Just as we forecast, the Social Security cost-of-living adjustment (COLA) for 2020 will be considerably lower than the 2.8 percent COLA received this year.  The Social Security Administration recently announced that the 2020 COLA will be 1.6 %.  That would raise an average retiree benefit of $1,460 by about $23.40 per month — far less than $40.90 received in 2019.”

(LFC Comments: Senior taxpayers beware:  You are going to need every increase you can get in 2020, because as sure as the sun comes up in the morning there will be more property tax levies on the ballot next year.  More school levies, and it is rumored that Lakeland Community College is refining their sales pitch to place another levy on the ballot on 2020……we hope they try to go for a continuous levy.)

 



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