Monthly Payments for Social Security and SSI to Increase in 2020
The Social Security Administration has announced that benefits for those receiving Social Security and Supplemental Security Income will increase by 1.6 percent in 2020.
While the increase may seem like a lot, these larger payments are said to be due to inflation, as required by an automatic cost of living adjustment (COLA) based on increases in the Consumer Price Index.
SSI beneficiaries can expect to see maximum payments rise from $771 per month to $783 per month, per individual. For couples, this payment will increase from $1,157 per month to $1,175 per month. Payments may further increase based on additional benefits for SSI beneficiaries offered by certain states.
These changes are set to begin on December 31, 2019, for more than 8 million SSI beneficiaries in the U.S. and on January 1, 2020, for 63 million Americans currently receiving Social Security.
Although SSI and Social Security beneficiaries will receive larger payments in 2020, the cost of living increase is significantly down from last year’s adjustment. From 2018 to 2019, benefits increased by 2.8 percent.
Are You Entitled to Benefits?
If you believe that you are entitled to SSI or Social Security payments, the experienced Connecticut Social Security Disability Attorneys at Carter Mario Law Firm can help you fight for the benefits you need. To learn more or to schedule a free consultation, call us today at 203-876-2711.