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Social Security Benefits Following the Latest COLA
Sean Williams of The Motley Fool explains what the 1.6% cost of living adjustment (COLA) announced last October and that took effect in January 2020 actually means for folks. The average retired worker will bring home about $284 extra for this calendar year. The 2020 COLA is much less than the 2.8% COLA for 2019, mainly due to a decrease in energy prices, but it is above the last decade average of 1.4%. Williams cites data from The Senior Citizens League that the CPI-W index used to compute the COLA is inadequate at measuring the true costs of items seniors purchase. The League states that the purchasing power of Social Security dollars has declined by 18% over the past decade. Read the full piece here.