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The Social Security Administration has announced its 2020 cost-of-living adjustment. Here's how the SSA estimates 2020 average monthly payments will change:
Estimated change in payments. (Image: Social Security Administration)
The increase affects almost 69 million people, according to the SSA, and will begin for more than 63 million Social Security beneficiaries in January of 2020. For the more than 8 million beneficiaries of SSI, the increase will begin on December 31, 2019.
Beneficiaries are normally notified by mail of new benefit amounts in early December. Social Security beneficiaries who receive Medicare won't be able to calculate their new benefit amounts until after 2020 Medicare premium amounts are announced.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
