2020 Social Security changes

A 1.6 percent cost-of-living adjustment (COLA) is effective beginning January 1, 2020.  The average monthly Social Security benefit is $1,503 (vs $1,479 in 2019) for a retired worker. The average monthly benefit is $1,258 (vs $1,238 in 2019) for a disabled worker.

Social security tax applies on wage and salary income up to $137,700. Workers receive a work credit for $1,410 of wage and salary income each quarter. They may earn four work credits each calendar year.

These changes are included in the 2020 fact sheet at: