Social Security announces benefit increase for 2020
Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020, according to the Social Security Administration.
The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to Social Security beneficiaries in January 2020. Increased payments to SSI beneficiaries will begin on Dec. 31, 2019.
Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700 from $132,900.
Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their “my Social Security” account. People may create or access their “my Social Security” account at www.socialsecurity.gov/myaccount.
Source: Social Security Administration