(CNN) – Cost of living increases will be passed on to Social Security recipients in 2020.
According to the Social Security Administration, nearly 69 million Americans will get an extra 1.6% in their monthly benefits.
That’s about half of the increase given in 2019.
The raise is given to help off-set inflation which makes food, goods, and services cost more.
About half of seniors rely on Social Security for at least half their income, and about a quarter depend on it for at least 90% of their income, AARP says.
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