Social Security Anticipated Cost of Living Adjustment

[Miss Marty]

How much of a raise should Social Security beneficiaries be expecting in 2020?

Oct 2019

The big day is coming, soon the Social Security Administration will release its 2020 update that highlights all of the changes to the Social Security Program in the upcoming year.

~ Among these changes is the highly anticipated cost-of-living adjustment, or COLA ~

 

[DaveNV]

Should there be a link for this?

 

[pedro47]

Miss Marty, please keep us informed. Thanks for sharing this information.

 

[MULTIZ321]

See this previous Tug thread:

https://www.tugbbs.com/forums/index...-be-noticeably-smaller-than-this-year.295384/


Richard

 

[ausman]

Mr Google says this:

"
Social Security's 2020 COLA will likely be...
Last year, the average CPI-W reading in the third quarter was 246.352. But the two-month average for July and August of this year is 250.174. That's an increase of 3.822 points, or 1.55% from the previous year."

 

[Luanne]

Mr Google says this:

"
Social Security's 2020 COLA will likely be...
Last year, the average CPI-W reading in the third quarter was 246.352. But the two-month average for July and August of this year is 250.174. That's an increase of 3.822 points, or 1.55% from the previous year."

When I used Mr. Google I got three different numbers ranging from 1.5% to 2.6%.

 

[Talent312]

When I used Mr. Google I got three different numbers...

Just like my blood pressure measurements.

 

[pedro47]

Talent312, I normally take my blood pressure reading in both arms.
It will for me always show two (2) different reading.
Numbers are liked some people, you will report what looks good for your mission. IMHO. LOL

 

[bogey21]

Increases in my Social Security are always eaten up by increases for Medicare Parts B and D. I end up with a declining amount every year. Of course without the increase the decline would be even larger...

George

 

[ausman]

When I used Mr. Google I got three different numbers ranging from 1.5% to 2.6%.

Yes probably, but did you look at the dates thereof. Mine was from 3 days ago, yours sound possibly current and from up to a year ago.

 

[Luanne]

Yes probably, but did you look at the dates thereof. Mine was from 3 days ago, yours sound possibly current and from up to a year ago.

Which source gave you your number? An official government site, or someone's prediction?

 

[VacationForever]

The estimated number found in on the internet is 1.6%. Nothing is official until it is official.

 

[DaveNV]

The estimated number found in on the internet is 1.6%. Nothing is official until it is official.

For those of us new to this situation, is there anywhere that indicates yet how much Medicare Part B will change? My Medicare Part B premium is deducted from my SSA payment, and I'm wondering if it's likely I'll see an increase, or a decrease in the net payment.

Dave

 

[MULTIZ321]

For those of us new to this situation, is there anywhere that indicates yet how much Medicare Part B will change? My Medicare Part B premium is deducted from my SSA payment, and I'm wondering if it's likely I'll see an increase, or a decrease in the net payment.

Dave

"The Senior Citizen’s League has issued a new estimate for cost of living increases for next year, saying beneficiaries will get a 1.6% boost in 2020, compared to the 2.8% bump they saw this year.

In real world dollars and cents, that would increase the average retiree benefit of $1,460 by roughly $23.40 per month. In January of this year, those recipients saw a $40.90 increase to their Social Security benefits.

The official cost of living adjustment will be announced in under a month. However, says the League, the average increases over the past decade are less than half what they were between 2000 and 2009.

The good news, though, is Medicare Part B premiums will likely see an increase over the 2019 one. Those are expected to jump to $144.30 per month in 2020 from $135.50 this year.

“After the deduction for Part B premiums, that would leave the retirees with average benefits, roughly $15 per month more to cover all other rising costs which typically include higher Medicare supplemental and prescription drug insurance premiums and out-of-pocket costs,” the league said in a statement....."

I have found their estimates to be relatively accurate in the past.

Richard

 

[DaveNV]

I have found their estimates to be relatively accurate in the past.

Richard

Thanks, Richard. I'll be curious to see how this plays out.

Dave

 

[Passepartout]

Thanks, Richard. I'll be curious to see how this plays out.

Dave

There really isn't anything to do about it. I'm just kind of either pleasantly/unpleasantly surprised when my bank statement shows a few bucks more-or quite a few bucks more from the deposit- or as we say around here- the Eagle $h!*$. Something a Navy guy would be familiar with. The Medicare premium increase eats up most of the increase, but there's usually a miniscule bump. Wooppee!

 

[DaveNV]

There really isn't anything to do about it. I'm just kind of either pleasantly/unpleasantly surprised when my bank statement shows a few bucks more-or quite a few bucks more from the deposit- or as we say around here- the Eagle $h!*$. Something a Navy guy would be familiar with. The Medicare premium increase eats up most of the increase, but there's usually a miniscule bump. Wooppee!

Yep. Familiar terms, for sure. I just want to make sure I'm aware of what to expect. This is all new for me.

Dave

 

[VacationForever]

Absolute $ increase in COLA is more for those who are getting larger amounts from Social Security, hence the general advice is to take SS payment later as it also translates to higher $. Based on 1.6% increase, my husband will get an estimated $59 increase per month because he started his SS at 70, about $700 more per year. The $ difference increases each year between a lower SS payment and a higher SS payment when COLA is applied.

 

[VacationForever]

It is official, announced today. COLA for 2020 will be 1.6%.

 

[AnnaS]

It is official, announced today. COLA for 2020 will be 1.6%.

Thank you!

 

[JohnPaul]

Delete. Duplicate

 

[JohnPaul]

delete. Duplicate

 

[bogey21]

It is official, announced today. COLA for 2020 will be 1.6%.

And I'll bet my monthly Social Security Payment will once again be smaller next year than what I am getting this year...

George

 

[pedro47]

A 1.6% increase for 2020 is better than a no COLA increase. IMO.