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Social Security Announces 1.6% Benefit Increase for 2020

 

Last updated 4/10/2020 at 11:25am | View PDF



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

The 1.6% cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security beneficiaries in January. Increased payments to more than 8 million SSI beneficiaries began on December 31, 2019.

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.

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 http://www.socialsecurity.gov/myaccount.

Information about Medicare changes for 2020, when announced, will be available at http://www.medicare.gov.

 

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