Social Security checks to rise modestly amid push to expand benefits

Millions of retirees will get a modest 1.6% cost-of-living increase from Social Security in 2020, an uptick with potential political consequences in an election year when Democrats are pushing more generous inflation protection.

The COLA affects household budgets for about one in five Americans, nearly 70 million people, and that includes Social Security recipients, disabled veterans and federal retirees.The criticism of the COLA formula has been taken up by Democratic presidential candidates and congressional Democrats.

Joe Schiavone, who retired from flooring sales and lives on Florida’s Space Coast, says it feels like he’s not keeping up.“My biggest concern is that your money is buying less and less,” said Schiavone, who’s in his early 80s. “The figure that they use for the rise in the cost of living to me is very erroneous.”

He’s wary of political promises about Social Security. “I very rarely believe what anybody says in a campaign,” said Schiavone. “I really don’t know what to believe.” That’s just one of the ideas in their Social Security plans, which would also bolster underlying benefits and raise taxes to keep the program afloat. The leading Social Security overhaul plan in Congress from Rep. John Larson , would also switch to the revised measure.

Larson, whose bill has more than 200 co-sponsors, says he believes the politics of Social Security are changing because “reality has set in.”

As always, this will be nullified by the rise in healthcare

Until we get the 2020 Part B premium increase, the COLA number is worthless.

Thanks For information

Nice but not up to the cost of living.

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