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.
Did you find this Information helpful?
About the Author
Darlynda Bogle, Assistant Deputy Commissioner
Darlynda Bogle, Assistant Deputy Commissioner
Comments
Comments are closed.
Ernest W.
I had a email account I can’t get in it now
Ann C.
Hi, Ernest. If you are referring to a personal my Social Security account and if you are still unable to access 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.
Ward G.
Since the actual increase is determined by the Medicare premium why can’t you release both numbers at the same time?
Ann C.
Hi, Ward. For information about Medicare updates for 2020, please visit http://www.medicare.gov. Thanks!
Robert W.
Hi Folks
I have been trying to register for a ‘My Social Security’ Account for 3 years.
• I never had a credit history in the USA, because I always paid cash for what I needed, or I didn’t buy it.
• I have (on my own – and very simply), registered for (and) currently receive SSA benefits.
• I would like to see what you guys have to offer, will you allow me to establish an account ..?
Regards,
Robert Armington (Ret)
Thailand
Ann C.
Hi, Robert. We’re sorry for any inconvenience. Unfortunately, you will need a U.S. address to register for a personal my Social Security account. However, you can contact your local Federal Benefits Unit for assistance. We hope this helps.
Haylinda M.
I’m not satisfied of my increase 1.6 percent.Why? Because Cola increase and the Medicare will increase ,so nothing left .Right?it doesn’t make sense.Congress
Should do something to give more cola increase.Ok.
Mary
It’s a stupid joke!! How about giving us seniors a 6 % raise and Congress nothing since they are not doing their jobs!!!!
You sorry rich bastards!
Joanne E.
Wow how can they afford to give us that much? Sarcasm intended.
Vincent F.
Increases in Medicare premiums are either equal to or more than any Social Security cost of living increase. So nothing gained for Social Security precipitants.
conscous
how can you get ss benefits without ss #?
david P.
well Ist you can be from Central America, or be a Muslim. That way you can get so much stuff free..
Donna H.
Will my disability payment be increased with the new announcement
S T.
Yes, or it will stay the same due to the increase in Medicare premium.
Ann C.
Hi, Donna. 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.
Ann V.
Please let me know what I can do to upgrade my Social Security and that of my husband (Wayne L. Davis). I am “almost” 85 yrs. (as of Dec.2nd) and my husband is 88. Needless to say we have been on Social Security’s list for several years now. My email is shown below. Thank you. Ann V. Davis