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Social security and SNAP benefits are adjusted every year for inflation. While that tends to be enough in normal years, it’s not enough right now.
The 5.9% increase isn’t typical, as cost of living increases for Social Security are usually under 2%.
But inflation will eat into the raise.
Social Security provides cost of living updates. But for those with additional money to invest, inflation can eat into more conservative investments like cash and bonds.
The list includes dwindling trust funds for Social Security and Medicare and potential bubbles in the housing and stock markets.
Additional coronavirus aid for state and local governments is a likely point of contention.
A lot of older Americans rely on Social Security benefits to pay their bills.
President Trump has ordered Treasury to stop collecting the employee portion of payroll taxes for some workers through the end of 2020.
Does it change if you’re single or married?
Seniors will get an extra 1.6%. But their cost of living rose by 1.9%.
