Retirees on Social Security will get a 2020 Cost Of Living Adjustment of just 1.6%. That’s lower than the 2.8% increase we got for 2019. The average benefit will go up from $17,748 annually to $18,036.
Of course, that’s because government beancounters have decided oldsters don’t need as much moolah to survive as we did last year. Tell that good news to grocers, landlords, gas station owners and other greedy peddlers. They’ve actually raised prices an average of 3.5% in 2019, and are eager to hike them at least as much in 2020.
Therefore, if you’re living on your SS check, be sure to stretch it as far as it can go during 2020. And don’t gripe your shaggy head off when you can’t afford such luxuries as food, rent, gasoline and clothing