4 changes you should expect this year

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If you are one of the nearly 69 million Americans who receive Social Security or Supplemental Security Income benefits, you will notice a small change in your monthly check this year.

More than 63 million beneficiaries will receive a cost of living adjustment of 1.6% this month. The 8 million SSI beneficiaries received their COLA on December 31.

In other words: the average monthly benefit for all retired workers will increase from $ 1,479 to $ 1,503 this month. And the average monthly benefit for couples receiving both benefits will increase from $ 2,491 to $ 2,531.

That is one of the many changes that beneficiaries and potential beneficiaries can expect in 2020.

Here are some others:

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Earnings subject to Social Security tax

The maximum amount of income subject to Social Security tax will increase from $ 132,900 in 2019 to $ 137,700 in 2020. To be fair, this increase affects only 11.8 million of the 171 million workers who are covered by Social Security. But that increase, according to David Freitag, MassMutual financial planning consultant, might come as a surprise to 7% of workers who will have to pay around $ 298 more of their salaries to Social Security in 2020 than in 2019.

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