2020 Social Security Changes

2020 Social Security Changes

By Social Security Disability

In 2020, recipients of Social Security retirement benefits and Supplemental Security Income benefits received a modest cost-of-living (COLA) increase of 1.6%. That increases the average worker’s 2020 monthly benefit by $24 per month and makes the maximum benefit amount $3,011 per month. Additionally, the Social Security tax rate for employees…

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