Social Security Administration (SSA) Announces Cost-of-Living Adjustment (COLA) Increase for 2020

 

 

The SSA recently announced a 1.6 percent monthly increase will be paid to all Supplemental Security Income (SSI) and Social Security beneficiaries in 2020.  According to a press release issued by the agency on October 10, 2019:

 

 

“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).”

Other adjustments that also go into effect in January 2020 include a change in the maximum amount of earnings subject to the Social Security tax, Substantial Gainful Activity (SGA) monthly limits, and the retirement earnings test exempt amounts.

 

 

The standard SSI federal benefit rate will increase from $771/month to $783/month. The dollar amounts considered SGA will increase $40 for the non-blind, up to $1,260/month, and $70 for the blind, up to $2,110/month. 

 

 

For a complete listing of additional programs affected by the national average wage index, see this fact sheet on the SSA website.  

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