Social Security COLA for 2020 is 1.6%

Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. The earnings limit for workers who are younger than “full” retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240. The earnings limit for people turning 66 in 2020 will increase to $48,600. There is no limit on earnings for workers who are “full” retirement age or older for the entire year. Read more about the COLA, tax, benefit, and earning amounts for 2020 (pdf file).

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David Wingate is an estate planning and elder law attorney at Estate and Elder Planning by David Wingate. The Estate and Elder Planning office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick, Washington and Montgomery Counties, Maryland.

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