There’s good news for Social Security recipients. According to the Social Security Administration, Social Security and Supplemental Income (SSI) benefits will increase 1.6% in 2020.
The 1.6% cost-of-living adjustment (COLA) will begin with benefits payable to more than 63 million Social Security beneficiaries in January 2020. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 31, 2019.
Some other adjustments that take effect in January are based on the increase in average wages.
No information about Medicare changes has been announced.