Social Security announces 1.6 percent
benefi t increase for 2020
Social Security and Supplemental Se-
curity Income (SSI) benefi ts for nearly
69 million Americans will increase 1.6
percent in 2020.
The 1.6 percent cost-of-living adjust-
ment (COLA) will begin with benefi ts
payable to more than 63 million Social
Security benefi ciaries in January 2020.
Increased payments to more than 8
million SSI benefi ciaries will begin
Dec. 31.
Some people receive both Social Se-
curity and SSI benefi ts.
The Social Security Act ties the an-
nual COLA to the increase in the Con-
sumer Price Index, as determined by
the Department of Labor’s Bureau of
Labor Statistics.
Some other adjustments that take ef-
fect 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 Se-
curity tax (taxable maximum) will in-
crease to $137,700, from $132,900.
Social Security and SSI benefi cia-
ries are normally notifi ed by mail in
early December about their new benefi t
amount.
Most people who receive Social Se-
curity 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 online at www.so-
cialsecurity.gov/myaccount.
Information about Medicare chang-
es for 2020, when announced, will be
available at www.medicare.gov.
For Social Security benefi ciaries re-
ceiving Medicare, Social Security will
not be able to compute their new benefi t
amount until after the Medicare premi-
um amounts for 2020 are announced.
Final 2020 benefi t amounts will be
communicated to benefi ciaries in De-
cember through the mailed COLA no-
tice and “my Social Security’s” Mes-
sage Center.
The Social Security Act provides for
how the COLA is calculated. To read
more, visit www.socialsecurity.gov/
cola.
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