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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michael j.
when do the written notifications for 2020 get mailed to if retiree’s if you are not signed up online? they usually came in the past in november.
Joe K.
How can the Medicare B premium increase by a higher percentage than the COLA for that year? Isn’t that a part of the cost of living?
Karen O.
i would like to knowwhat my monthly income will be with my social security. My number is xxx-xx-xxxx.
My phone number is 818-970-6792
my address is 2310 Panorama Dr.
La Crescenta, Ca 91214
Karen Hodge OConnell
A.C.
Hi, Karen. 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. For questions regarding your benefit verification letter, we ask that members in our Facebook community contact our offices. You can call our toll-free number at 1-800-772-1213 for assistance. Representatives are available between 7:00 a.m. and 7:00 p.m., Monday through Friday. You will generally have a shorter wait time if you call later in the day. Just a reminder – please be cautious about posting personal information on social media. We hope this helps.
Teresa f.
question about the my social security account. I am the P.O.A. , Fiduciary, Representative payee for my father I do all of his financial business because he is unable due to dementia late stage. I was going to create a online account but the first page made me stop and wonder about this . He is not able to do it himself !!!!. Does this mean i will not be able to do it and thus not get information about the cost of living increase and other benefits on having the account.
A.C.
Hi, Teresa. Thanks for your question. Unfortunately, you can only create a my Social Security account using your own personal information and for your own exclusive use. You cannot create or use an account on behalf of another person, even if you have that person’s written permission. The Representative Payee Portal is a central portal for individual representative payees with a personal my Social Security account to conduct their own business or manage direct deposit, wage reporting, and annual reporting for their beneficiaries. For more information visit here. We hope this helps.
Angela J.
My 94 yr old friend has seen an ad on tv about a $135 amount that can be added to social security. What can you tell us about this?
Deb
I have not yet received my 2020 COLA notice in the mail. It is Dec9. My husband got his months ago……??
A.C.
Hi, Deb. The cost-of-living adjustment (COLA) notices for 2020 were be mailed throughout the month of December. For more information, visit our Frequently Asked Questions. We hope this helps.
mik r.
Hi,
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Kimberley B.
When will the Letters be Mailed out for the cost of living increase
Charles O.
My Social Security increase was 1.6% cost of living, but my Medicare Part B increased 333%. God bless all you hard working individuals in Washington D.C. You deserve a 333% increase in your income.
Carlos d.
That increase in 2020 is too lows for me nothing changes in my retired life.