The Social Security Administration announced on October 10 that the cost-of-living adjustment for 2020 is 1.6 percent. This matches the estimate made by experts in August.
The cost-of-living adjustment or COLA is meant to offset the cost of inflation. As the cost of goods and services become more expensive, Social Security and Supplemental Security Income (SSI) payments should also increase.
How Will This Affect My Monthly Payment?
If you receive DIB, your monthly benefits are determined by how much Social Security taxes you’ve paid, and how much income you’re currently bringing in. The COLA is 1.6 percent, so you will see your monthly payments increase by 1.6 percent next year.
If you receive SSI, the maximum amount you can receive per month in 2019 is $771 for an individual and $1,157 for a couple. In 2020, that amount will increase by 1.6 percent to $781 and $1,175.
For those who benefited from this year’s 2.8 percent increase, 1.6 percent may not seem like enough of a bump to offset some expenses like health insurance. Unfortunately, health insurance costs do not factor into how the COLA is formulated.
Help from an Indiana Social Security Disability Attorney
If you need disability benefits, a local Social Security disability lawyer can help you begin the process. Whether you’re applying for the first time, or want to appeal a denial, call Hensley Legal Group today or contact us online for a free conversation about your case.