Small boost to monthly benefits starting in January due to low inflation
by John Waggoner, AARP, October 13, 2020
The Social Security Administration (SSA) announced on Oct. 13 that its annual cost-of-living adjustment (COLA) will be 1.3 percent, an average boost to retirement benefits of about $20 per month for individuals starting in January. The modest gain for monthly benefits is the latest in a decade of meager COLA increases. Social Security COLAs have averaged a 1.65 percent increase annually the past decade, with no increase at all to benefits in 2016. The increase that went into effect in January 2020 was 1.6 percent. Read HERE.
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