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COLA bump for 2020 means higher Social Security and SSI payments

The Social Security Administration recently announced that the Cost of Living Adjustment (COLA) for 2020 will be 1.6%. That means that those receiving Social Security benefits, as well as those receiving Supplemental Security Income (SSI), will see a 1.6% raise in their monthly benefit amount. Annual COLA increases are based upon changes to the national Consumer Price Index and are designed to help beneficiaries keep up with inflation. Along with the COLA announcement, the SSA also announced several other changes for the upcoming year; however, still forthcoming is news about any potential changes to Medicare premiums for 2020, as reported in this article in “the Pyramid,” a supplemental publication of the Provo, UT Daily Herald. Click here to read more.

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