Social Security benefits to receive 1.6% increase for 2020

Recipients of Social Security and Supplemental Security Income (SSI/SSI Disability) benefits for nearly 69 million Americans may notice an increase of their benefits for 2020, according to the Social Security Administration. A cost-of-living adjustment of 1.6 percent is set to be added to benefits payable to more than 63 million Social Security beneficiaries beginning in January 2020. Increased benefits to more than 8 million SSI recipients will begin on December 31. (Please note that some people receive both Social Security and SSI benefits.) The Social Security Act ties the annual increase to the increase in the Consumer Price Index, as determined by the U.S. Department of Labor’s Bureau of Labor Statistics. Beneficiaries are usually notified in early December via postal mail regarding their new benefit amount. Most recipients of Social Security benefits can be able to view their COLA notice online via the mySocialSecurity website. More information about the Social Security Act and the COLA increase can also be viewed here.