Social Security

2020 Social Security COLA projection update

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 1.7 percent over the last 12 months to an index level of 250.236 (1982-84=100). For the month, the index rose 0.2 percent prior to seasonal adjustment.

Based on a CPI-W of 250.336 for July 2019 (the first of three months that are used in the actual calculation), The projected 2020 COLA is 1.6%.

The average Social Security benefit in June 2019 for a retiree is $1461 and for a spouse it is $767.90 for a household total of $2,238 which means a dollar increase of $35.80.

The standard Medicare Part B premium is projected to increase by $9.00 which for a couple means that the premium increase will consume one-half of the monthly benefit increase.

What's your opinion on this post? Readers would like your point of view.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s