Cost-of-Living Adjustment (COLA) Information for 2020<\/p>\n
Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020.<\/p>\n
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)<\/p>\n
Read more about the Social Security Cost-of-Living adjustment for 2020<\/a>.<\/p>\n The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700.<\/p>\n The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240. (We deduct $1 from benefits for each $2 earned over $18,240.)<\/p>\n The earnings limit for people turning 66 in 2020 will increase to $48,600. (We deduct $1 from benefits for each $3 earned over $48,600 until the month the worker turns age 66.)<\/p>\n There is no limit on earnings for workers who are “full” retirement age or older for the entire year.<\/p>\n The 2020 cost-of-living adjustment (COLA)\u00a0will be 1.6 percent for Civil Service Retirement System (CSRS) annuities, Federal Employees Retirement System (FERS) annuities and Social Security benefits.<\/p>\n This is a lower federal retiree COLA than last year when CSRS annuitants received 2.8 percent and FERS annuitants received 2 percent.<\/p>\n Medicare B for most will Increase $8.80<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Cost-of-Living Adjustment (COLA) Information 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 … Continue reading 2020 COLA Announced<\/h2>\n