Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.6 percent in 2020, compared with last year’s 2.8 percent cost of living adjustment (COLA).
The monthly SSI federal benefit rate for an individual will go up only $12, from $771 to $783; the monthly rate for a couple goes up $18 to $1,175. The New York State supplement will continue at $87 for individuals and $104 for couples living alone; the living with others supplements remain at $23 and $46, respectively. We will post the 2020 New York State SSI benefit chart when it becomes available.
With this COLA, other of SSA’s benchmarks will also see some increases. Substantial Gainful Activity (SGA) threshold for Non-Blind has increased from $1,220 to $1,260 per month. The SGA level for blind workers went to $2,110. The Trial Work Period (TWP) threshold increased to $910 per month (from $880). The quarter of coverage amount has increased to $1,410. The maximum taxable earnings for OASDI (old-age, survivors and disability insurance) purposes will increase to $137,700 in 2020.
Each year, the Centers for Medicare & Medicaid Services (CMS) set the following year’s Part B premium. Specific information about 2020 Medicare changes will be available at www.medicare.gov.
These changes will go into effect in January 2020. See SSA’s Fact Sheet on 2020 Social Security Changes.