People receiving Social Security and Supplemental Security Income will see a slight increase in 2020 to make up for rising cost of living expenses, but will it be enough?
The changes are based on the latest Department of Labor’s Consumer Price Index. When inflation increases, making the cost of living go up, the index helps evaluate how much social security increase is needed help to offset these costs.
The Social Security Administration says 69 million Americans will see a 1.6 percent increase in their Social Security and SSI benefits in 2020.
That means if someone was receiving a $1,400 check, they would only see an increase of $22.40.
But is this enough to combat rising rental costs, prescriptions and other costs? Weigh in on social media using the hashtag #GMJ
You can find more information about the increase here.