2020 Cost of Living Adjustment Will Effect Over 1 Million State Residents

Officials with the Social Security Administration say that beginning this month over 16,600 residents who reside in Cape Girardeau County will have an increase of 1.6% in their cost of living adjustment in their Social Security benefits. About $21,613,000 in benefits is paid out by administration officials solely to residents residing in Cape Girardeau. Roughly 75% of these benefits are received by retirees and an additional 13% are received by local workers who live with disabilities. Data from the SSA reveals that there are 1,293,897 residents living within state boarders who are currently receiving federal benefits. There are many factors that determine how much income you can receive. Those who filed claims as retirees could see a paycheck every month totaling $1,503. This is an increase of roughly $24 more than 2019. Data from the SSA’s Missouri Field Office in Cape Girardeau reveals that changes will take place due to the increase in the national average wage index. Some of these changes include the total taxable earnings in relation to the Social Security tax.  This year’s amount totals $137,700 and this is an increase of $4,800 from last year. Residents, who wish to seek more information, can do so by visiting the Missouri Field Office of the SSA at 2445 Cape Centre Drive, or log onto www.ssa.gov/cola.

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