Social Security Benefit Increases for 2020
by The Bainbridge Firm, LLC | Oct 16, 2019 | Social Security Benefits
The Social Security Administration recently announced that the Social Security and Supplemental Security Income benefits will increase again in 2020 due to the annual cost-of-living adjustment (COLA). Social Security and SSI beneficiaries can expect a 1.6 percent increase in benefits in 2020 due to inflation and the rising cost of living.
If you are receiving Social Security Disability Insurance (SSDI) benefits, your current benefit will increase by 1.6 percent beginning January 2020. Social Security will eventually send you a COLA notice explaining your new benefit amount. If you have a my SocialSecurity account, your COLA notice will be posted online sometime in December 2019. If you do not have an online account, your COLA notice will be sent by regular mail.
For SSI recipients, the maximum monthly payment will increase to $783 per month, which an increase of $12 over the current monthly maximum payment. If your SSI benefits are being reduced by one-third due to your living arrangements (i.e., you are currently receiving $514 per month), you should expect your payment to be approximately $522 per month beginning January 1, 2020. However, because SSI is a need-based disability benefit, the exact amount of your monthly payment will still be determined based on your specific financial situation and resources.