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.
L. R.
It is time to review the formula to calculate the COLA and include the proposed raise in Medicare in it. It is time to use more realistic figures because whatever they are using is clearly out of date and not working. Whoever is watching the price of food alone has no idea of the true price of groceries in addition to the other things that have to be considered. 1.6 percent is clearly unrealistic and makes no difference in anyone’s wallet. The cost of Medicare went up approximately 6% this year and we got a pitiful increase of 1.6 %. This is unfair and it appears no one with authority speaks up for us. It’s time for the Social Security Administration to catch up with the reality of how all expenses have REALLY increased and be truthful about it. There is more to living expenses than considering how much a loaf of bread or a quart of milk costs.
Maxine B.
I think it is SICK to use COLA for increase in Social Security!! I hardly doubt if anybody seriously thinks it is ok to work your whole life and get the equivelant to a loaf of bread and gallon of milk twice a month, that is exactly what the raise amounts to!!!! Are all the people that work there and in charge of that little $12.00 a month raise really ok with that? During the Reagan days it was 12%, 10% at least we could buy some veggies and not have to eat dog food!!! I would be so ashamed to treat the elderly whom have worked so hard before you to make a way and path for you and then turn your back on them, shame on all of you!!!!
Barbara e.
I was interested to read about age discrimination when trying to get a job. I just moved to VA and I have been searching, sending, etc. for 4-5 months. Even places like Chick-fil-a don’t want me. I’m 74 and in excellent health. One of the jobs was exactly the same thing I did when I lived in MD, working for a dentist. I live on my Social Security, in low-income housing, and if it wouldn’t
be for my sun helping me financially, I wouldn’t make it.
Danny S.
I am not getting any help on a step child benefit I appled for months ago. The US Embassy staff here are not too knowledgeable of how the SS Disability policies & am not satisfied w/ the service & info I’m getting. I tried to contact a Congressman in Texas where I used to live & have gotten any response to 3 of my messages. Just because I’m out of the mainland, Im forgotten by my Government. Is that a fair to us Disabled Seniors & Vietnam Vets?…just ignore our cry for help hoping we’ll die SOON!!! We are still US citizens & I hope still matter!! Can someone at least hear & acknowledge that we matter! Thanks.
JOHN L.
Yay, Mary!!! You hit the nail on the head in three short lines.
JOHN L.
Will a 1.6% increase cover the $14.00 increase in my cost of Medical Insurance. $281.00 TO $295.00 AARP supplemental policy ‘F’. A mere drop in the bucket compared to other supplemental policy ‘F’ that increase by the hundreds of dollars per month. Medicare policy ‘F’ is the gold standard for health policies which is why they (Medicare) want to get rid of them. Although my Medicare prescription plan is a marvelous wonder, It still adds $12.00 per month in co-pays to my overall expenses. What about the customary additional 10% increase in rent–$60.00. We are up to $86.00 a month increase in living expenses and we haven’t even gotten around to the other rising cost of living expenses. This leaves me to wonder where do you people get your information. Not from any retired persons on your meager dole out program for sure. Take the Obama administration for instance. Obamas’ first act in office was to give the bankers a trillion dollars to update their mansions and replace their yachts. Three times he denied the fact that seniors were having their usual yearly exponential raises in living expenses by failing to match one single dime to these rising costs that we were getting slammed with. It has always amazed me that there is so much unawareness in the differences in the rising cost of living between the average worker and the average retired worker living off of Social Security checks. The average yearly family income in Howard County, Maryland is well over $100,000.00 and rising a whole lot faster than the 1.6 increase for the year 2020 that Social Security recipients can sadly look forward to. Another oddity, the limitations rise a whole lot faster than the benefits. That seems about right though when you consider how corrupt our government is. My monthly income for 2019 is $1293.00. My nephew who is 5 years younger than me. He is 79yo I am 84yo He receives $1100.00 monthly. He lives in a trailer home in Florida. I have been looking for low-income housing in Maryland because of the poor conditions mental and physical in my present situation. Low-cost one-bedroom senior apartments would cost me well over half of my income. I am eligible for extremely low subsidized housing. My search so far for apartments in that price range has been eyeopening for sure. The first inquiry at a nice one-bedroom apartment building told me that they would send me an application but that they had a three-year waiting list. All of my other inquiries were met with, “No our waiting list has been closed and will be closed indefinitely”! It is also difficult to communicate with an on again off again cell phone. Prospects look better in other more rural counties but my lack of a car to look at apartments that may be available is another problem. Believe it or not, there are low-income housing available, a few, in Baltimore. I also notice that when you see pictures of social workers, they are always smiling but when you are trying to apply for benefits over the internet, they have a very threatening tone about them. Pinch a dime here pinch a dime there and you are going to jail. On top of that when you are almost finished with the two-hour application, they give you a popup message that says you have taken too long, you will have to start over. No way that I could be making this up. I am so naive that three more times, I nearly finished the application and three more times, I met the same fate. And then the icy-cold message that I would get, denying my claim. Wait, Medicare part B charge per month is going up from $134.00 per month to $168.00 per month. Did I get that right? COLA is taking another big chunk out of my chump change. Don’t worry, I am not ungrateful. It is the only chump change that I have. Last year when I lived with my nephew for a year. It was ten months before Humana started paying my Medicare part ‘B’ Ten months before Social Security stopped taking $134.00 out of my Social Security check. I went through all the requirements (the two hours over the phone application) no reason why I shouldn’t be getting it. After ten months Randy my agent left Humana and another agent came to the trailer and gave me the same two hours test over the phone two months later I got my first full S.S. check–no $134.00 deduction for the Medicare part ‘B’. I then moved back to Maryland and immediately started receiving the $134.00. I have often wondered who was getting my deduction. Humana? I hope I have made the correct moves to assure that I continue to receive my Medicaid payment to Medicare part ‘B’. Get this, When I was back in Maryland for a few months, I got a letter from Howard County Social Services accusing me of getting Medicare part “B” deduction payment from both Florida and Maryland. Wait a minute, how can that be? My Social Security check only has room for one deduction a month. In a return letter to the lady at Howard County Social Services, I didn’t like my tone so it never got mailed. I reassured her of my impeccable honesty which I had proven once before when unemployed and my wife and I were raising six kids. I went over to the food stamp office and received a little over $700 worth of food stamps. When I got home there was an envelope from the food stamp office with a little over $700 worth of food stamps. I went immediately back to the food stamp office and the manager was there and she told me, “Mr. Jenks, I want to thank you for your honesty. There is no way that we could have traced these back to you”. She later wrote me a nice note commending me for my honesty. It couldn’t have happened in the present day and age of computers and credit cards. Oh no! I’ve written another book.
Cokaddild
one night dating http://chat-land-org.wjzx110.site/tchatch-gratuit-sans-inscription single and dating quotes
Cokaddild
christian filipina dating site http://quintonic-fr.wjzx110.site/celibsudouest-com best social dating websites
Michael T.
This cola won’t be enough to cover any of the increases in drug cost!
Susan G.
Your sister government agency raises the premiums on Medicare the moment you raise the SS payment – and this year is no exception. It doesn’t take a degree in finance to understand the tiny COLA’s do NOT help with everyday expenses like “goods and services,” because the 1.6% raise will go to nothing more than increased Medicare expenses.