The Social Security Administration just announced the Cost-of-Living (COLA) adjustment for 2020. Recipients of Social Security and Supplemental Security Income (SSI) benefits will receive an increase of 1.6 percent in their benefit amount for 2020. Below is a list of the top highlights of the automatic COLA increase and information about when you can anticipate the benefit increase to start.
- Social Security beneficiaries will begin seeing their increase beginning in January 2020.
- Social Security Income (SSI) beneficiaries will begin seeing the increase on December 31, 2019.