Each year, we announce the annual cost-of-living adjustment (COLA). By law, Federal benefits increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Usually, there is an increase in the benefit amount people will receive each month, starting the following January.
Nearly 69 million Americans will see a 1.6-percent increase in their Social Security benefits and SSI payments in 2020.
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