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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Theresa M.
Where can I get a schedule of SNAP benefits for 2020
A.C.
Hi, Theresa. For questions about a 2020 schedule of SNAP benefits, please contact your state or local social services or welfare office. Thanks!
mik r.
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Diane G.
When will we get notification of our increase for Social Security for 2020
olin c.
we are get a 1.6 on social security
Pat C.
Sad that our elderly have to live on so little and yet the cost of living still sky rockets . I think it is an abomination and so much attention focused on everything but the elderly .
Elaine H.
Oh really, a pathetic 1.6% increase per month for SS when Medicare is going up 7% per month. You don’t take into account the increase in property taxes and utilities. Also my premium for supplemental insurance is going up $50/month. I’d like to see Nancy Pelosi and all her co-horts live on what an average senior citizen gets each month.
Richard B.
Why doe’s the government give social security a raise and then increase my rent what good is giving me a raise and then take part of it away?
Eunice W.
Is there a raise in benefits for 2020 ?
L.A.
Hi Eunice. In December 2019, Social Security Cost-Of-Living Adjustments (COLA) notices for 2020 were made available online to most beneficiaries in the “Message Center” of their my Social Security accounts. We hope this helps.
Lawrence F.
Yes, but given change in Medicare cost my actual social security payment will go DOWN. Isn’t this message misleading?
Mary R.
I have not received a mailed confirmation of 2020 benefits. My online social security account does not work and an SSA rep was not able to help me cancel it a few years ago and register for a new account. I don’t know if I wrote my password down wrong or what. This means I cannot go online to verify benefits.Please advise where I can find the steps to cancel and start over.
When will we see benefits letters? I live in Florida.
Thanks!
Mary
L.A.
Hi Mary. The Notices showing how your benefits may increase by the cost of living adjustment (COLA) were mailed in December 2019. We hope this helps.