Social Security announces Cost of Living increase for 2020

Social Security announces Cost of Living increase for 2020 (MGN)

LYNCHBURG, Va. (WSET) -- The Social Security Administration announced Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020.

The administration said 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 and increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2019.

Social Security and SSI beneficiaries are normally notified by mail in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their my Social Security account. People may create or access their my Social Security account online.

Information about Medicare changes for 2020, when announced, will be available on the Medicare website.

The Social Security Act provides for how the COLA is calculated.

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