Social Security Benefits Are Increasing in Less Than 1 Week
The big day that 64 million people have been waiting for is nearly here. Next week, following the change of the calendar year from 2019 to 2020, Social Security beneficiaries will be receiving a "raise."
This "raise," known officially as the cost-of-living adjustment, or COLA, is designed to take into account the inflation that Social Security beneficiaries contended with over the course of the year and true-up their payout, so to speak, so they're not losing any ground to inflation. In 2020, Social Security's COLA is 1.6%.
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Source Fool.com
