Benefits in January will increase by 1.6%.

The 1.6% COLA will boost the average Social Security retirement benefi by about $32 to $1,503 in 2020. 

The 1.6% COLA will also affect how much beneficiaries can earn from a job if they claim Social Security before their full retirement age (FRA).  In 2020 , individuals will be able to earn up to $18,240 per year, if they are under full retirement age without forfeiting any benefits.  If they exceed that cap, they will lose $1 in benefits for every $2 earned over the limit.