Each year, we announce the Social Security (SS) annual cost-of-living adjustment (COLA). In 2020, nearly 69 million Americans are receiving a 1.6 percent increase in their SS benefits and Supplemental Security Income (SSI) payments.
Other changes this year reflect the increase in the national average wage index. For example, the maximum amount of earnings subject to SS payroll tax will increase from $132,900 to $137,700. The earnings limit for workers who are younger than full retirement age (age 66 for those born in 1943 through 1954) will increase to $18,240. (We deduct $1 from benefits for each $2 earned over $18,240.) The earnings limit for those 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.) More information is available at www.ssa.gov/cola.
Sign up for a “my Social Security” account today at www.socialsecurity.gov/myaccount. Retirement, survivors and disability beneficiaries who have a “my Social Security” account may view their benefit amounts and will receive future COLA notices securely online via its Message Center, a secure portal where you can conveniently receive sensitive communications that we don’t send through email or text. SS never sends personal information in its notifications.