The Social Security Administration has set the 2020 cost of living adjustment, or COLA.

Jack Myers indicates Social Security and Supplemental Security Income, or SSI, benefits impacts nearly 69-million Americans. He explains the first payments of SSI on December 31 will reflect these adjustments. 

According to Myers, many people with Medicare Part B and Social Security may connect the adjustment to the new Medicare premium. He notes it is a logical connection but the two entities are separate.

There is no need for recipients to contact their local office about the increase as letters and notices have gone out already. Myers says the information is also available online at socialsecurity.gov.

At the 'My Social Security' tab portion of socialsecurity.gov, you can also opt-out of paper copies of the various Social Security notices.