The Social Security Administration released key figures for 2020.
Social Security and Supplemental Security Income Benefits – Social Security and Supplemental Security Income recipients should see an increase in their benefits for 2020. Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. 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)
Social Security Wage Base – the maximum earnings subject to Social Security will rise to $137,700 (up from $132,900 in 2019). This is a 3.6% increase.
Medicare Premiums – the increases in Medicare Part B and Part D for the year 2020 have not been released at the time of this post. Be sure to check back on our website for updates. You can find the link to 2019 rates here.
See the Fact Sheet from the Social Security Administration for additional information.
For more information on the Cost of Living Adjustment (COLA), see this Press Release by the Social Security Administration.