2020 Cost of Living Adjustment: 1/65 increase
On October 22, 2019, the Social Security Administration announced a 1.6 % benefit increase for 2020. The 1.6% is effective for December 2019 SSA disability insurance benefits payable in January 2020 and effective for SSI payments made for January 2020 but paid on December 31, 2019. Let’s look at the 2020 cost-of-living adjustment (COLA).
2020 Cost of Living Adjustment
The average disability insurance benefit will be increased by $20 per month from $1,238 to $1,258.
For SSI recipients, the federal SSI maximum of $771 per month for individuals and $1,157 per month for couples will increase to $783 per month and $1,175 per month, respectively.
Another important change occurring in January 2020 is the increased substantial gainful activity (SGA) threshold: from $1,220 per month for the non-blind to $1,260 per month.
The Trial Work Period (TWP) threshold will also increase from $880 per month to $910 per month for blind and non-blind beneficiaries.