Social Security Benefit Recipients to Get Small Raise
The Social Security Administration has just announced that those who receive Social Security Retirement, Social Security Disability, or Supplemental Security Income (SSI) will be getting a 1.6% raise in 2020.
The 1.6 percent cost-of-living adjustment (COLA) will begin in January 2020 for the more than 63 million people who receive Social Security Retirement and Disability benefits. The maximum Social Security benefit will increase to $3011 a month.
Increased payments to the more than 8 million people who receive Supplemental Security Income (SSI) will begin on December 31, 2019. The amount of SSI will increase to $783 a month for a person and $1,175 a month for a couple.
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.
Other important changes in 2020 include:
- Significant Gainful Activity (SGA) increasing to $1,260 month; and
- a Trial Work Period (TWP) increasing to $910 a month.