2020 Cost of Living Adjustment Increases SSI Amount, SSI Resource Cap Unchanged For Now
Every year, SSA announces a Cost of Living Adjustment, or COLA, that affects the monthly amount SSI beneficiaries receive. For 2020, this increase is 1.6%. The SSI federal benefit amount will increase from $771 per month to $783 per month for individuals and from $1,157 per month to $1,175 per month for couples. Some states add a supplement to the federal amount as well. Despite this increase, SSI resource limits remain frozen at $2,000 for individuals and $3,000 for couples, unchanged since 1989. Legislation has been introduced in Congress to increase the resource cap to $10,000 for individuals and $20,000 for couples. This legislation is co-sponsored by Rhode Island Congressman Jim Langevin. The COLA also affects SSDI benefits, retirement benefits, and a variety of limits including “Substantial Gainful Activity” which increases to $1,260 per month for 2020.