Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase by 1.6 percent in 2020.

The 1.6 percent 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 December 31, 2019. (Note: some people receive both Social Security and SSI benefits)

Read more about the update at the Press Office of the Social Security Administration or contact your advisor.

V19298454