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October 14, 2019
WASHINGTON — Millions of retirees will get a modest 1.6% cost-of-living increase from Social Security in 2020, an uptick with potential political consequences in an election year when Democrats are pushing more generous inflation protection.
The increase amounts to $24 a month for the average retired worker, according to estimates released Thursday by the Social Security Administration. Following a significant boost this year, the cost-of-living adjustment, or COLA, for 2020 reverts to its pattern of moderate gains.
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