2019's Social Security Raise Was Downright Pathetic, Data Shows
Each year, seniors on Social Security eagerly await their cost-of-living adjustment, or COLA, which dictates how much of a boost their monthly benefits will get. In 2019, seniors saw a fairly decent 2.8% COLA, which left many a bit more optimistic about their financial prospects, at least at first. But new data from the Senior Citizens League reveals that despite a respectable COLA, most seniors did not receive a substantial boost to their monthly income last year. And that's troubling on so many levels.
Last year's 2.8% COLA should have, in theory, raised the average benefit of $1,422 all the way up to $1,461, resulting in an extra $39 a month for the typical senior. But according to the Senior Citizens League, 45% of Social Security beneficiaries got a monthly income boost of $10 or less in 2019 after accounting for Medicare Part B premium deductions (those premiums are paid directly from Social Security benefits for seniors enrolled in both programs). Meanwhile, 25% of seniors saw a monthly raise that fell between $10.01 and $25, and only 30% of beneficiaries saw their monthly Social Security income rise by more than $25.
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Source Fool.com
