COLA

Social Security Benefits Increase in 2020

October 10, 2019 • By

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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

Darlynda Bogle, Assistant Deputy Commissioner

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Comments

  1. Julie

    thank you for sending this info!!!

  2. Steve

    Any COLA less than 2.0 percent is inadequate for me and probably at least a simple majority of Soc.Sec. recipients. It would be nice if Congress would pass the Social Security 2100 Act (H.R. 860) to help current and future retirees. I would be in favor of a guaranteed 2.0 percent COLA every year with a cap at 3.5 percent.

  3. Raymond H.

    This is a real joke COLA of 1.6% increase and the Medicare will go up that amount also! Meaning, no increase.

  4. Minga P.

    Thank u God.I’m paralyzed and I only receive 850.00 a month and it hurts me alot cuz I have to pay rent electric phone etc.my personalnecessities

  5. Fay k.

    It’s nice but it does not keep up with the cost of living and don’t forget Medicare takes an increase too and also the worry of ss cutting back on the near future it’s not fair I pd into the system I can’t afford a 20 percent cut or any amount it’s not my fault and then you have the people who have stolen money from the system who should never have collected or lied that the person died and took on their identity who pays that back so why should honest people get punished I say tax the rich more they can afford to pay more to the system but to punish you average payee is not right

  6. Lottie L.

    Thank goodness.

  7. Mr T.

    federal benefit center at us embassy in Philippine not yet pay my benefits of retirement plan.gov on 2019 and my asked and asking again many time to them but them do not yet pay for me by my claim at federal benefit center in Philippine? Why ?my claim of form bangkok bank in Thailand!

  8. michael A.

    I realize that the current criminal masquerading as the President of the USA, will do all he can to eradicate SS but we will be rid of him soon to end the global embarrasment he is. SS is a wonderful plus for the elderly and it is administered superbly without a doubt..

  9. Mickey

    Every time I get a coli increase, my rent goes up and food stamps go down, so more money comes out of pocket to buy what else I need to last the month. I will be 66 in feb. 2020. I dont drink or use drugs, just trying to stay afloat, with any monies I have left I buy fabric to sew as this is my hobby, and that is getting expensive so i can only buy part of what i need for a project and maybe more next month. Can’t get my grandkids CHRISTMAS gifts. It’s just like I’m a nobody at the bottom of the totem pole. It’s like the government is throwing a buck or 2 at our feet as they wiz by in their limos. Trying my best to save up for a car but I will be dead before I ever touch the amount to buy one. God help us. Please Mr. President Trump, can you help us downtrodden folks whose only wish is to live comfortably without worry and no car to get us there?

  10. Patricia R.

    Oh boy….$17….think I’ll go buy a new car….???

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