SSA Announces 2020 COLA Increase of 1.6 Percent
The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits 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 Dec. 31, 2019. Changes to Medicare for 2020 have not yet been announced. When information is available, it will be provided at www.Medicare.gov.