2020 Cost of Living Adjustment
Individuals receiving Social Security benefits for 2020 are seeing an increase in their benefit amount. The Cost of Living Adjustment (COLA) for Retirement and Disability benefits increased by 1.6% for this year due to the rise in GDP in 2019.
Additionally, income thresholds for reviewing a person's eligibility for benefits increased and are as follows:
A person applying for disability can be working and earn up to $1,260.00 ($2,110.00 if blind) in gross monthly income. This threshold is called Substantial Gainful Activity (SGA). A person who is currently receiving benefits and is attempting to work, can earn $910.00 in gross income per month without affecting their benefits. Under the "Trial Work Period" rule, a person can receive both benefits and work, but if their gross income exceeds this threshold in 9 months during a 5 year period, eligibility will cease.
If you have questions about your benefit amount or your eligibility in applying for disability, call 330.929.9700 to speak with an attorney today.