top of page

Social Security Announces 1.6 Percent Benefit Increase for 2020

Writer's picture: WVBR 93.5 FMWVBR 93.5 FM

Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020, the Social Security Administration announced today.

The 1.6 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security beneficiaries in January 2020.  Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2019.  (Note: some people receive both Social Security and SSI benefits).  The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

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 Securityaccount.  People may create or access their mySocial Security account online atwww.socialsecurity.gov/myaccount.     Information about Medicare changes for 2020, when announced, will be available atwww.medicare.gov.  For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2020 are announced.  Final 2020 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice andmy Social Security’s Message Center.

The Social Security Act provides for how the COLA is calculated.  To read more, please visit www.socialsecurity.gov/cola.

Comments


WVBR is a local commercial radio station broadcasting from Ithaca, New York to the Counties of Tompkins, Tioga, Cortland, Cayuga, Seneca, Schuyler, and Chemung. WVBR is run by the Cornell Media Guild, Inc - a non-profit student organization that is independent and not funded nor managed by Cornell University. Our mission is to preserve local media and act as a training ground for the future generation. All views represented by our contributors solely reflect their own views, and are not necessarily endorsed by WVBR or Cornell Media Guild.

Cornell Media Guild is a registered student organization of Cornell University.

© Cornell Media Guild, Inc. 

All Rights Reserved.

604 E Buffalo St.
Ithaca, NY 14850
(607) 273-4000

info@wvbr.com

Designed by Michelle Davies (2022).

bottom of page