from Birch Gold Group:
According to official statistics, more than 64 million Americans receive more than $1 trillion in Social Security benefits. It also represents about 33% of total income for the elderly.
So when the “cost-of-living adjustment” comes out each year, a large number of Americans are paying attention. For 2020, that adjustment resulted in an increase of 1.6%. Not a huge increase – and not quite enough to keep pace with the official rate of inflation – but certainly better than nothing.