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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Gary O.
1.6% will not cover the increases all Americans are watching go up. If as is claimed the economy is ‘doing great’ with hundreds of millions in Tax cuts for Corporations, most of which are Foreign or International, is not reflected with lower cost for essentials. The fact is that those who need SNAP assistance as well as the SS they earned and paid into for many decades, has been reduced, to benefit the ones who took the largest Tax break in history. Corporate Farms have been given over $12 Billion in Corporate “welfare” , in just one year,due to the loss of soybean and corn markets in China.from the Taxpayers, by way of Trump’s Tariffs. Raise the limit of Deductions to anyone making over $150,000.00 a year here in America, the United States to reflect the “great economy”.
Frances C.
How wonderful! 1.6% increase! I bet more seniors will be homeless in 2020!
Pamela R.
People like me getting benefits with no ss# has done 100 xs more for this county and the world at large
Paul
Does increase in the amount of the cola across the board? I’m on ssdi
Maggie
Yes.
Ann C.
Hi, Paul. Thanks for your question. There will be a 1.6% cost-of-living adjustment (COLA) in 2020 for all beneficiaries. This new increase will take effect for Supplemental Security Income (SSI) payments on December 31, 2019, and for Social Security payments paid out in January 2020. You can find out more information on the new COLA by visiting here. We hope this helps.
Darla B.
That is shameful. We get a few dollars and our legislators get thousands and they show no shame.
James L.
The work force got a good raise this year and we hardly get any kind of raise 1.6% wow, won’t spend all at once don’t want to break the bank. TELL congress quit spending our money which we have already paid into.
Toni
???? Yes indeed. I am a Grand mother and I only have 2 but I have to buy cheap junk for birthdays and Christmas. Forget buying me some clothes to replace the dry rotted ones.
Linda K.
Try getting 4.00 raises when Obama was in. That really sucked
Robert K.
How much will the part B deductible increase?
It was $135.50 last year….
Bob
I heard it will go up by $8.80 to $144.30
Win
U heard rite…
Bobby
I heard it will go up $8.80 to $144.30
Audrey
I paid 186.00 last yr?????
S T.
Medicare premiums are based on income. We don’t all the pay the same amount. All the premium amounts are going up around 6.5%
DallasLondon
How in the world can they go up 6% and we get 1.6% and all our bills go up, plus medicare will go up that much and take it all, so all of us will be worse off than before,,,,just not fair…
Ann C.
Hi, Robert. For the 2020 Medicare changes, please visit http://www.medicare.gov. Thanks!
James S.
i get so far to create an account on the site and it says please try in 24 hours i like to know what i am doing wrong
Ann C.
Hi, James. We are sorry to hear you are having difficulty accessing your personal my Social Security account. If you are still unable to access your account or encounter a problem with your personal my Social Security account, you may:
•Call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7:00 a.m. to 7:00 p.m. At the voice prompt, say “helpdesk”; or
•Contact your local Social Security office. We hope this helps.
Shirley J.
I am really disappointed in hearing this. My supplemental ins. went up, my drug plan went up and I don’t know yet what Medicare is doing. So far I’m losing money!
annie
You are not the only retired human being who is going through this….
Alfiano F.
True
Lauren I.
You need to make this easier to get to my social security account I need a real option to register and or be able to sign in to check my own account out for myself
Ann C.
Hi, Lauren. We are sorry to hear you are having difficulty creating your personal my Social Security account. If you are still unable to create an account or encounter a problem with your personal my Social Security account, you may:
•Call us at 1-800-772-1213 (TTY 1-800-325-0778), Monday through Friday from 7:00 a.m. to 7:00 p.m. At the voice prompt, say “helpdesk”; or
•Contact your local Social Security office. We hope this helps.