The scant 1.6% Social Security cost-of-living adjustment (COLA) for 2020 is another big disappointment for America’s seniors. The paltry new COLA will yield a $24 per month increase for the average beneficiary. With Medicare Part B premiums predicted to rise by about $8 next year, the net cost-of-living adjustment for most seniors will be only $16 per month. The new COLA inches-up the average monthly retirement benefit to $1,503 — a mere $288 yearly raise for seniors living on fixed incomes. Social Security expert Web Phillips joins Stan to shed more light on this topic.
