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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Jane G.
In 2020 with my SS increase what amount will actually receive if Medicare also increases. JANE GOETTER. CHANDLER, ARIZONA
john t.
disgusting!!!!asswipes like donald j(ackass) trump keep getting richer and richer,while the rest of us are thrown a pittance!!!
david P.
John. If you remember Obama you did not get any thing. Trump Takes no Wage at all.
Congress are the one getting Richer off our Backs.. They will get 1.6% increase on 100,OOO dollars. They don’t pay for their Insurance or for any COPAYS-None!! So Smoke that!!
Kenneth M.
I currently receive $1,580 per month in S.S. benefits. How much on an increase will I receive in January, 2020?
L.A.
Hi Kenneth. In December 2019, Social Security Cost-Of-Living Adjustments (COLA) notices for 2020 will be available online to most beneficiaries in the Message Center of their personal my Social Security accounts. This new increase will take effect for Supplemental Security Income (SSI) payments on December 31, 2019, and for Social Security payments in January 2020. We hope this helps.
Marlene S.
I would like to know how they determine the COLA, and the Part B, and the deductible??Ive talked to our agent for our supplement and both the partB and deductible are increasing which will leave us very little as a cost of living!., how is this fair to us average folks?? Thanks
L.A.
Hi Marlene. Thank you for your question. The 1.6 percent cost-of-living adjustment (COLA) announced in October 2019, is tied to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics. For information on how the Medicare Part B and the deductible are calculated, please visit Medicare’s internet page or contact Medicare by telephone at 1-800-MEDICARE (1-800-633-4227), TTY 1-877-486-2048. We hope this helps.
Marg S.
when will the SS letters go out to recipients
Kathrine D.
Will I have any new benefits from social security this year ? What are my benefits now. My husband passed this year and I will get a portion of his social security, I already have been receiving social security of my own. Thank you for your help.
karen
you need to go to your local ss office and apply for widow benefits
L.A.
Hi Katherine. We are sorry for your loss. Pleae note that for your security, we do not have access to your personal information in this forum. For specific questions about your account, please call our toll free number, 1-800-772-1213 (TTY 1-800-325-0778), from Monday through Friday, between 7:00 a.m. and 7:00 p.m. You may also contact your local Social Security office. We hope this helps.
Vincent C.
when will we receive SS benefits statement for 2020?
L.A.
Hi Vincent. The cost-of-living adjustment (COLA) notices for 2020 will be mailed throughout the month of December. For more information, visit our Frequently Asked Questions. We hope this helps.
Erwin M.
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Ronald O.
What is the federal withholding tax amount on monthly social security payments?
How can I have the amount of tax held back? What percentage can I have held back for tax purposes?
How can I have this percentage adjusted?
A.C.
Hi, Ronald. Thanks for your questions. In order to have taxes withheld from your Social Security benefit, you must start by printing, completing and submitting an IRS Voluntary Withholding Request Form (Form W-4V). On this form, you can choose to have 7, 10, 12, or 22 percent of your monthly benefit withheld. The Form W-4V (to withhold federal taxes from your Social Security benefits) can be returned to your local Social Security office by mail or in person. See our Benefits Planner: Withholding Income Tax From Your Social Security Benefits web page for more information. We hope this helps.
villa
Danke für die Info, ich wusste vorher nicht viel!
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