Social Security Benefits Increase in 2020
Reading Time: 1 MinuteLast Updated: October 10, 2019
When we announce the annual cost-of-living adjustment (COLA), there’s usually an increase in the Social Security and Supplemental Security Income (SSI) benefit amount. Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).
The CPI-W rises when inflation increases, it makes your cost of living go up. This change means prices for goods and services, on average, are a little more expensive, so the COLA helps to offset these costs.
As a result, nearly 69 million Americans will see a 1.6 percent increase in their Social Security and SSI benefits in 2020.
January 2020 marks other changes that will happen based on the increase in the national average wage index. For example, the maximum amount of earnings subject to Social Security payroll tax. The retirement earnings test exempt amount, will also change in 2020.
Want to know your new benefit amount as soon as possible? In December 2019, we will post Social Security COLA notices online for retirement, survivors, and disability beneficiaries who have a my Social Security account. You will be able to view and save these COLA notices securely via the Message Center inside my Social Security. You can also opt out of receiving notices by mail that are available online.
Be the first to know! Sign up for or log in to your personal my Social Security account today. Choose email or text under “Message Center Preferences” to receive courtesy notifications. This way you won’t miss your online COLA notice!
You can find more information about the 2020 COLA here.
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About the Author
Darlynda Bogle, Assistant Deputy Commissioner
Darlynda Bogle, Assistant Deputy Commissioner
Comments
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essam e.
thank you so much for my col increase. but i would like to add that 50% of that will be lost py a rip off business by the bank you recommended to me to open an account with for direct deposit and for bank services i dont get.
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James Y.
The formula and calculations for annual COLA is a joke !
The critical needs for those collecting S/S (their own $$$$$) is sorely underestimated ! Food, medical, assistance (if needed) and those things NOT adequately covered by any type of insurance need to be prioritized.
Seniors do NOT purchase cars, homes, luxuries of any type. Is it any wonder that the political bent is to move closer to socialism X 2 !
Rhonda R.
An increase is always welcomed. Every little bit helps , it just doesn’t seem to keep up with
the increased in cost to make a noticeable difference. But thanks .
Joyce A.
How much more will social sercurty increase to in 2020
Linda R.
They need to face that the formula for the increase does not work and it is unfair. There is more to figuring the raise by the price of a quart of milk and a loaf of bread.. There are so many items that we use and need in order to live a decent life that should be considered. Medicare went up about 8% for next year. There should be an advisory board appointed to look into and correct this old-fashioned method. The Medicare should be figured into the formula because this is a necessity. Where do they get the figures they use, certainly not in a city where the cost of living really has exploded.
S T.
Medicare B premiums are rising by a higher percentage than Social Security payments, so the actual increase in our payments will not be 1.6%
Alfiano F.
?
Mary C.
Trump promised he would not take anything away from the disabled. Next thing after he is elected I have $137.50 taken out of my check for insurance. He has hurt us deeply. For a lot of us that was our grocery and medicine money.
The whole system has failed us. Those old senators need to be fired and benefits stopped. President impeached and our criminal system revamped.