Social Security's 2020 COLA: What We Know
The most important day of the year for Social Security beneficiaries is now just 18 days away. On Oct. 10, 2019, the U.S. Bureau of Labor Statistics (BLS) will release inflation data from September. This inflation data is the last piece of the puzzle needed to calculate Social Security's cost-of-living adjustment (COLA) for 2020.
Think of COLA as the "raise" that program recipients will receive next year. But also understand that it's not a raise in the true sense of the word. Rather, it's a higher payout that's designed to keep pace with the rising cost of goods and services that beneficiaries are facing.
What can the more than 63 million beneficiaries expect for Social Security's COLA in 2020? With the BLS releasing the second piece of the puzzle on Sept. 12, we can finally take a deeper dive to narrow things down a bit.
Source Fool.com
