Social Security benefits set for slight bump in 2020

www.foxbusiness.com
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For about 63 million Social Security beneficiaries, the increase will take effect in January.
Social Security beneficiaries can expect to see their paychecks rise at the start of the New Year.

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The Social Security Administration announced in October that benefits would increase by 1.6 percent in 2020.

For a recipient earning $1,479, the average monthly benefit among all retired workers, checks will increase to about $1,503 per month.

Higher payouts to Supplement Security Income recipients will begin on Dec. 31.

The cost of living adjustment for 2018 was 2 percent, but it was largely perceived to be offset by increases in Medicare costs.

There was a 0.3 percent increase in 2017 and no adjustment the year prior.

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