By Payroll and Entitlements Editorial Staff
Social Security beneficiaries will see an increase in their monthly checks in 2020—1.6%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,503 for all retired workers in 2020, $24 a month more than in 2019. The COLA increase will be applied to this coming year's benefits, beginning with benefits for December 2019, which are payable in January 2020.
The amount of earnings subject to taxation under FICA and SECA, the "wage base," is also going up in 2020. The 2020 wage base of $137,700 is $4,800 higher than the 2019 amount of $132,900.
The benefit and wage base increases for 2020 were announced October 10 by the Social Security Administration in a press release.
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