COLA

Social Security Benefits Increase in 2020

October 10, 2019 • By

Last 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

Comments

  1. Jubith B.

    How much will my monthly benefit be?

    • Ann C.

      Hi, Judith. 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. We hope this helps.

  2. dan t.

    My ssi increased but the income over 2,000.was more than 30 dayys obliterateing payee emotional her

  3. Lucille S.

    this month when do i get my ss check i get it every 4th wk do i get it earlier this month.

  4. Shirley F.

    I did not receive a cost of living increase and wonder why. Did anyone ele have that problem .

    • Ann C.

      Hi, Shirley. 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. We hope this helps.

  5. Rebecca B.

    I am struggling to get the 2020 schedule of pmt dates for my ss ck. My attempt to access my social security benefits does not work. I don’t see it anywhere on the website. I am paid the 3rd Wed of the month. I want to put these dates on my calender. I am on a call back wait time if 55min to speak to someone from ss. If you know a link to this schedule of pmts for 2020 please provide it. Thank you.

  6. Debbie B.

    I see that we got an increase in our SSI but when I look at the letter my Health Insurance increased just enough to cover that cost. Plus I already have to pay for some kind of penalty that I didn’t know about anyway and that is for the rest of my life. I don’t see where this is a increase for goods other that Healthcare that they raised the price just enough to get the extra I would have gotten. Maybe I should start eating cat food since this is what it seems like it’s going to come to. I don’t ask for any other assistance nor do I really want any other assistance. But I would like to be able to live and maybe enjoy a little bit of life.

  7. Donna B.

    What is the salary cap amount for 2020 if you are 62 and wish to file for Social Security benefits as well as work

    • Ann C.

      Hi, Donna. Thanks for your question. If you are younger than full retirement age during all of 2020, we must deduct $1 from your benefits for each $2 you earn above $18,640. Check out how work affects Social Security payments here. We hope this helps!

  8. Sorin C.

    damn if i understand what is going on; according to this article, my estimated ss benefits will increase because of cola but from your website it says today 01.04.2020 that if i retire at full ret age (66) i will get $1,988 a month which is less almost $100 vs the same page info read on Dec 6 2019 ($2074). What is the world is going on? Thank you

  9. Rita M.

    I did not receive the correct 1.6 percent on my s/s/ check what should I do

    • Ann C.

      Hi, Rita. 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. We hope this helps.

  10. Carl C.

    If a person has made over the wage income amount maximum during his/her work life and starts receiving the maximum monthly social security monthly benefit, at the age of 70, will he/she still be required to pay into the social security system from payroll taxes? Since that person will never receive any more than COLA increases it seems unfair to require her/him to continue to contribute to the system.

    • Ann C.

      Hi, Carl. The Federal Insurance and Self-Employment Contribution Acts (FICA and SECA) require the withholding of taxes from wages of all employed people, regardless of age, as contributions to the Social Security and Medicare programs. To learn more about FICA and SECA, visit here. Keep in mind, however, each year we review the records for all working Social Security recipients to see if additional earnings may increase monthly benefits. If your earnings for the prior year are higher than one of the years we used to compute your retirement benefit, we will recalculate your benefit amount. Generally, we will send a letter explaining any increase in your benefit amount. We hope this helps.

Comments are closed.