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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Ann M.
SS# *** – ** – ***
What if im 64 and go over the amount allowed to earn..2019 and 2020 and turn 65 this year
if I made 30,000 in 2019 how is the one dollar for every two returned and can SS still auto pay for my medicare?
Do I have to take medicare at 65? or can I wait until I am 66?
Is it possible that you can give me my previous husband’s SS number? Robert Stephen Vogel Aug 31 1939?
Marlo H.
Don’t we get a letter explaining wht our benefits will be in 2020? We need one to use for applying for help with prescription drugs.
Meduffy
I would like a copy of my & my wife’s increase in benefits for 2020.
Ann C.
Hi, Meduffy. If you need a benefit verification letter, you can view, print, and save your benefit verification letter by creating a personal my Social Security account online. We hope this helps.
Ernest S.
I did not receive the correct increase. Less than half. How can it be corrected? SS# xxxxxxxxx.
Ann C.
Hi, Ernest. 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. Just a reminder – please be cautious about posting personal information on social media. We hope this helps.
Debra J.
I am retiring and my age is 62 and 6 months. I have filled out the application. Do I have to fill out a second form to see if I can be covered under my husband`s account for benefits?
Ann C.
To qualify for spouse’s benefits, your husband must be receiving retirement or disability benefits. Also, when you qualify for Social Security benefits on your own record, we pay that amount first. But if you also qualify for a higher amount as a spouse, you’ll get a combination of benefits that equals that higher amount. Visit our Retirement Planner: Benefits For You As A Spouse for more information. If your spouse is already receiving benefits when you apply, or if you and your spouse apply at the same time, we will also check your eligibility for benefits as a spouse. If you qualify, your application will automatically serve as a request for spousal benefits. We hope this helps.
JoAnn K.
Hi
How can I receive a duplicate copy of my benefits for 2020. I did not receive my statement or it was lost somehow.
Ann C.
Hi, Joann. If you need a benefit verification letter, you can view, print, and save your benefit verification letter by creating a personal my Social Security account online. We hope this helps.
Charles D.
I received 1114/month in 2019. Why did mine go down to 1095/month in 2020? Confused in Texas.
Ann C.
Hi, Charles. 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.
Harvey S.
My cola statement is missing. How can I get a replacement
Ann C.
Hi, Harvey. If you need a benefit verification letter, you can view, print, and save your benefit verification letter by creating a personal my Social Security account online. We hope this helps.
Audrey
I can’t believe this is possible. https://www.eurotours-villas.com/de/unterkunft/ferienwohnungen/porec
Anthony G.
How will i benefit? Thank you.