Social Security Benefits Payments Rise 1.6%

There’s some good news for anyone receiving Social Security disability benefits: Benefits are increasing by 1.6% beginning this year. According to the latest figures, Social Security and Supplemental Security Income (SSI) benefits are going to increase for nearly 69 million Americans in 2020.

This increased number has already started rolling out for Social Security benefits in January 2020. More than 8 million Americans started receiving increased SSI payments as early as December 31, 2019.

At the same time as seeing this rise of 1.6%, there is also going to be a distinct change in the taxable maximum. The maximum amount of earnings subject to the Social Security tax is going to increase to $137,700, meaning that a lot of people currently receiving disability benefits are about to get something of a tax break as well. 

There will also be a number of other changes that may affect those of different ages and demographics. For instance, the earnings limit for those who are presently younger than the age necessary for full retirement will increase up to $18,240. 

At the same time, the earnings limit for people turning 66 in this coming year will increase up to $48,600. There will be no limit on those workers who are full retirement age or older for the entire year of 2020. Full retirement age means that you would be aged at least 66 for people born 1943 through 1954.

With all these changes, it is more important than ever to make sure that you know exactly what is going on with your own benefits. Hiring an experienced Social Security benefits attorney can help you claim exactly what you are entitled to. 

Although this benefits payment rise is not huge, it is nonetheless a welcome increase for anyone in a situation where they need to claim this money. This 1.6% cost-of-living adjustment (COLA) will begin with benefits already in place and payable for more than 63 million people who currently receive Social Security benefits.