Social Security Beneficiaries Get a Small Raise for 2020
Social Security and Supplemental Security Income (SSI) benefits will rise by 1.6% in 2020, the Social Security Administration announced this week. That means the average benefit will climb about $24, to more than $1,483 a month.
The cost-of-living adjustment, or COLA, will begin with benefits payable to more than 63 million Social Security recipients in January 2020. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2019.