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
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Julie
In past I have attempted signing up with “my social security” program with problems. No computer at home so it is necessary to use library or e-cafe as sources. I was informed that a new PIN number was best to be use so one is to be applied for each time I wish to investigate information or investigate and print information, no? I am still in your system. I will again attempt to enter your electric account system and attempt applying and retrieving each new PIN access
number. If this does not bare fruit-should I attempt paper? I am not fond of the idea for two reasons 1.I live abroad and the mail service is unpredictable and slow 2. I attempt to be conscious of the strain I will place on our planet.
Who do I contact if there continues to be challenges?
Tommie J.
What is “Do Over” as far as Social Security goes?
t m.
The Do Over means (I believe) that during the first year of receiving Social Security you can tell SS that you want to “back” out of SS,,, but you have to pay all the money you received from SS back.
There is also a “semi do over” you can do if you are beyond that 1 year point. You can tell SS that you want your SS payments stopped between the ages of 66 and 70. You will supposedly get 8% more for each year you stop payments.
Candace H.
Thank you! Yes, I realize many feel it isn’t worth it, but it is still more money in our pockets. The cost of things will still go up, regardless if you got an increase.
Elouise P.
I’m glad to see the increase.
Barbara J.
When my husband died my income dropped $1500 a month. What happened to the money I contributed to social security for 60 years?
Barbara Hetson
S T.
You should be receiving whichever benefit is higher, your own work record or your husband’s. In most cases, since women have interrupted careers and lower pay overall, spouse benefits are higher.
Ann C.
Hi, Barbara. We are sorry to hear about your loss and your situation. 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.
Lon D.
…And they give we Seniors this amount with a Straight Face!!…and it’s not enough to even fill my Gas Tank!…2 years ago, they gave me a $27 per Month increase, then turned right around and applied that very same amount to my Part B!!…I was so furious, I immediately went to my local SS Office and dropped my Part B coverage, choosing to take my chances with my medical care with the VA Hospital, and pocket the $135.50!!…No Regrets!
Jen D.
Another looking good on paper for the 33% increase for the cooked political machine and a crumb for the voter who keep voting for the same crooks .
When will the majority (the people) wake the hell up.
That is why the political machine hates Trump. He will get them all.
These cost of living bullshits for the people are only passifiers to make most people content and keep quiet.
We need to protest and get the norm of increase to meet today’s cost of living.
In the following year (2 months) our Medicare goes up to $144.50. my med program has gone up to $70.00 from $37.00 next year also.
So how does the cost of living meet the standards of our coverages.
One big scam from our lovely political machine the SWaMP.
Your postage went up 55 cents ,plus the other postage. And our food quantity went down on the packaging with the raise in price.
Where is the political machine doing about that.
I guess while they eat, drink and get richer, the 1.6% is enough for there voters.
SCAMMERS!!!!
Raymond H.
Oh Yeah! here’s another thought I bet
Darlynda Bogle, Assistant Deputy Commissioner.
won’t even take time to read one of these responses!
Raymond H.
I don’t know who these people are in the “Department of Labor’s Consumer Price Index (CPI-W).” But I am sure they are not looking at how the cost of living has truly increased, not just for retirees but for everyone in this nation. As an example my rent increased twice this past year for a total of 4.65% and the year isn’t even over. Gas, Groceries,Utilities have increased at an alarming rate here in BG Oh, and we are a low cost of living area for the nation. just imagine how much it is in the higher cost areas.
I think these Department of Labor’s Consumer Price Index (CPI-W).people should get their collective heads out of the sand and really figure it out. But then they are Gov employees who have better benefits than us. IDIOTS the lot of them!
Kathleen H.
Keep me informed thank you.