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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Classy
Smh, the $32 increase I got for 2018 has my medical & dental share of cost at $880. I have to PAY $880 of what isn’t covered by Medicare before my dual coverage kicks in. I have to pay $880 towards dental coverage before my dual coverage kicks in. This is every month because the powers that be have determined that after I pay my $135 Medicare monthly premium I only need $600 a month to live on so the rest of my money is my monthly medical share of cost.
joe c.
1.2 % increase?… is no enough to balance the actual cost of living, because 1.2% is taken by copayments…
LORETTA K.
I am seeing posts on Facebook that seniors can qualify for a huge amount of life insurance for only $18/mo. How true is this?
Guy T.
Tell the people how the government always screws use with these petty increases. The government never mentions in the same news release how Medicare Part B is going to increase. Which means the COLA is for the increase of health insurance, not to put buying power in our pockets.
Mr. S.
Be thankful you are getting an increase. My wife is on SS disability and we are grateful to get every penny. Even though I have a decent paying job, every little bit helps. Especially with 2 teenage boys.
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C. B.
What happened to the 2.8 % increases that had been mentioned earlier this year?
Chrisk
It can’t be calculated until the data is in.
Frank V.
And as soon as the COLA is in place, Medicare costs increases to at least the same amount as the COLA increase. Net gain for the SS recipient = $0.00
Charlene M.
Will we get a raise on our side but the medicare will rise to so they get our raise and that’s just not right at all.so someone needed to.put a stop to.medicare raiseing their cost to us .