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.

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