Early estimates for next year’s Social Security Cost-of-Living Adjustment (COLA) are not looking promising. In fact, American seniors could be faced with no COLA at all in 2020.
Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, is warning seniors that no COLA in 2020 is a real possibility. While it’s too early to say for sure, Johnson does have a strong track record for accuracy. Last year Johnson predicted the 2019 COLA to be 2.9 percent, a month before the Social Security Administration announced the same number.
If this prediction is proven accurate, this would be the fourth year in the past decade that seniors were denied a COLA (along with 2010, 2011 and 2016.
As of now, this calculation is only an estimate and could change over the coming months. But if seniors want to be guaranteed a fair COLA, the best way to do so is by supporting the passage of key legislation such as the Social Security Expansion Act.