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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Sue A.
I’m having trouble getting a response as to how much Social Security I will receive next year . . . .
L.A.
Hi Sue. The cost-of-living adjustment (COLA) notices for 2020 were mailed throughout the month of December. For more information, visit our Frequently Asked Questions. We hope this helps
Charles J.
Lots of retired people…… make them all happy voters by stopping some of the ss tax
Jack G.
Can I cancel my part B benifits!!
L.A.
Hi Sue. If you wish to terminate your enrollment, a signed request for termination and a personal interview is required. You will have to go to your local Social Security office, and we will help you submit a signed request for termination or Form CMS-1763. We hope this helps.
Enrique
this is why we live in poverty at retirement ,this is not enough to survive,groceries and electricity have tripled in the past 10 years,and that is where our money goes they give us no discount ,this does not include insurance ,and our children still in school, congress should be ashamed of themselfs put them on our same insurance plan and salary,see if they dont whine.
How m.
How much increase what we received from Social Security this year
Wayne M.
WOW….1.6 percent! Come on Donald we need more to survive in a period of high gasoline and utility costs not to mention rising food costs utilities and housing! What a joke – stop sending money to Ukraine and stop starting wars! KEEP OUR TAX MONEY IN THE USA FOR
CITIZENS NEEDS! FROM A VETERAN
Chester S.
Why not just round it off to 2 percent, makes it easier to figure your increase.
edward h.
I called the social security on November 15 and requested a social sercurity benefit statement for
myself and for my wife. I was told the statements would
be mailed to the address on file.I have not received
these statments and where i live needs these stements.
My name is edward w.heidenrich *** – ** – ***
my wife name is charlotte r.heidenrich.*** – ** – ***
my email address is edward w. heidenrich@gmail.com
L.A.
Hi Edward. Good news! You can access your Social Security Statement online at any time by creating a personal my Social Security account. With a my Social Security account, you can review estimates of your retirement, disability, and survivors benefits, your earnings record, and the estimated Social Security and Medicare taxes you’ve paid. We hope this helps.
Rosline A.
How much is the increase of s.s.i cash money check this year 2019 ? 1.6
Joyce M.
I am currently having federal income taxes deducted from my benefits but I want to decrease the amount withheld. Can I access forms on line to change my deduction?
L.A.
Hi Joyce. If you want to start, change, or stop the withholding of taxes from your Social Security benefits, you need to complete and present to us (Social Security) the IRS form W-4V. You can find the link to the W-4V and additional information about this form on our internet page titled “Benefits Planner: Withholding Income Tax From Your Social Security Benefits.” We hope this helps.