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.
Did you find this Information helpful?
About the Author
Darlynda Bogle, Assistant Deputy Commissioner
Darlynda Bogle, Assistant Deputy Commissioner
Comments
Comments are closed.
Barbara D.
What amount will be deposited Jan 2020 based on my income
L.A.
Hi Barbara. Thanks for your question. Please note that the cost-of-living adjustment (COLA) notices for 2020 are being mailed now in December. Please check your mail for the notices. We hope this helps.
Calvin D.
Just wandered when will the Govt. pay back into the SS fund the 2 trillion dollars they borrowed. And when will the Senators and Congressmen have to change the ruling on their retirement to be the same as they make the regular citizen use?
Andy
The increase is welcome but it will fall short of the 7% increase or $20 that Medicare increased. And when are they going to do away with the WEP program. Heaven forbid we actually live somewhat comfortably in our old age. All this from people who vote their own raise amounts.
Pamela M.
I notice the only ones you give a, straight answer to are the ones trying to correct their passwords. The rest you refer to another site. Because you know their right. We are actually losing money. We worked all of our lives and each year we lose more and more money. How much was your raise.? Even one decent year would get most of at least in a, better position. I don’t know how you people sleep at night.
Josephine B.
This increase is repulsive. COLA needs to be revised to show what retirees spend on their basic needs.
Denise R.
What is my payments for SSA starting 2020? Please!
A.C.
Hi, Denise. For your security, we do not have access to private information in this venue. We ask that members in our Blog community work with our offices with specific questions. You can call us at 1-800-772-1213, Monday through Friday, between 7:00 a.m. and 7:00 p.m., for assistance. Generally, you will have a shorter wait if you call later in the day. You can also contact your local Social Security office. If you need a benefit verification letter, you can view, print, and save your benefit verification letter by setting up a personal my Social Security account online. We hope this helps.
Suraj R.
It was a good experience while reading your blogs. Thanks for sharing with us.
Source: https://tractorguru.in/second-hand-tractors
Elaine
This is really not acceptible 1.6 % increase, while we spend so much on traspassers into our country, they give seniors nothing. We should see at least a 4% increase so we can afford to pay rent and other necessary items.
Larry W.
So …..
The average COLA for the elderly citizen is the “same” as the average “urban” worker in our economy.
Or all this documentation states:
Obviously there are a lot of elderly who doing just fine – hardly have seen a doctor, or a hospital, or specialist for some illness??
Seems strange – my wife and her “silly” concern about her cancer returning – is free ???
How many younger have no problem with these problems ?? Not true. But most have been employed up until and possibly have received assistance from other sources through their employment ?? Hopefully, but then do we buy almost (in general) the same amount of medical care and medicines as the younger group ? Don’t think so !!
And isn;t it obvious that we often have to purchase very expensive medication – simply because the extended use of anyone of these can be involved a long and persistent illness (more often for the elderly).
So the more “persisten” the more expensive – another way to say: “Whatever the market will bear, determines the price”. The only to “drop” the price is to not use the medication with the high price. Or die !!!
My point – COLA doesn’t come close to helping Social Security participants.
Social Security is not an “entitlement” , as we paid each payroll check (because of aggressive laws to “encourage” participation) for this as a part of our “retirement” – so much of what was collected has not been used, but it has a problem. With COLA as a base, it fails its original purpose.
karen
so like the last time,they took part of it to raise medicare! how is that helping us?? we live on povert “wage” as it is,just over the guidelines to get help from heap or food stamps sad world!!