When you are old and don’t have any source of income, then social security might be your most excellent way of earning income. Government every month send social security cheques to all those retirees who are eligible to receive that money. In the USA, many retirees are solely dependent upon social security income, and now there is a piece of good news for all those people. A recent report shows that recipients of social security might get a rise in their payments. Every year the government assesses inflation and raises security payments to all those recipients.
Since 2019 was a good year because the US economy grew at a reasonable rate, and some experts think in early 2020, the US government might increase payment of social security. The cost of living adjustment (COLA), which was adjusted in 2019 raised the pay of recipients of social security by more than 2.8%, which is a fascinating thing. Many recipients don’t know, but every year, their payment gets increased because the government has to do that to maintain a reasonable income-inflation rate. Even though 2019 was a good year for recipients of social security, they can expect a fair raise in their income next year also. The government is doing an excellent job in various sectors, and the unemployment rate has also slowed down.
The Bureau of Labor Statistics is responsible for bringing the right type of data for inflation adjustments, and still, they have not found this year’s cost of living adjustment. Experts think that we would get a clear picture of how much raise there will be in the income of social security holder by the end of this year. The inflation is going up at a smaller rate, and that’s why one shouldn’t expect a rise in their payment of social security to be a significant one.