You may have heard that the Social Security Administration officially announced that Social Security recipients will receive a 1.6% cost-of-living (COLA) adjustment for 2020. Those increased payments will start in January 2020.

On its website, the Social Security Administration says the purpose of the COLA is to ensure the purchasing power of Social Security benefits is not eroded by inflation.

“Congress enacted the COLA provision as part of the 1972 Social Security Amendments, and automatic annual COLAs began in 1975,” the website says. “Before that, benefits were increased only when Congress enacted special legislation.”

If this year’s COLA has you thinking about your sources of retirement income, please feel free to give me a call so we can discuss what’s on your mind.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019 FMG Suite.

Heritage Financial Planning, LLC

Heritage Financial Planning, LLC

We help individuals create retirement strategies using a variety of investment and insurance products to custom suit their objectives.

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