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2020 Social Security COLAs Announced!


In line with past years Social Security has announced their Cost of Living Allowance (COLA) changes a few months before they take effect. Next year beneficiaries will see a 1.6% increase in their benefit amount. This means that full SSI amount for an individual will be $783 while a married couple will now receive up to $1,175 a month.

Along with the COLA changes there have been increases in the Trial Work Period (TWP)  and Substantial Gainful Activity (SGA) thresholds. SSDI recipients in the Trial Work Period phase will now trigger a TWP month if their gross earned income is $910 or higher. The SGA figure creeps up to $1,260 for non-blind beneficiaries, while the figure for beneficiaries who are blind will increase from $2,040 to $2,110.

There’s also a positive change in the Student Earned Income Exclusion figures as the monthly cap is now to be $1,900 and the annual exclusion is set at $7,670.

For the umpteenth year there are no increases in the resource limits for SSI recipients, with those figures holding firm at $2,000 for an individual and $3,000 for a married couple.

For a full list of the increases see here: https://www.ssa.gov/news/press/factsheets/colafacts2020.pdf