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Social Security benefit payments to get 1.3 percent boost in 2021


This news story was published on October 25, 2020.
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Those taking Social Security payments will get a boost in 2021

WASHINGTON, D.C. – Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021, the Social Security Administration announced this month.

The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2020. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800 from $137,700.

Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.

Information about Medicare changes for 2021, when announced, will be available at www.medicare.gov. For Social Security beneficiaries receiving Medicare, Social Security will not be able to compute their new benefit amount until after the Medicare premium amounts for 2021 are announced. Final 2021 benefit amounts will be communicated to beneficiaries in December through the mailed COLA notice and my Social Security’s Message Center.

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9 Responses to Social Security benefit payments to get 1.3 percent boost in 2021

  1. Avatar

    Anonymous Reply Report comment

    October 27, 2020 at 12:05 am

    WARREN

    I don’t get much cause for 30 yrs I didn’t pay in.I worked for a company with a pension plan and get $50.000 a yr , not 401k from it. much better then soc sec

    • Avatar

      Anonymous Reply Report comment

      October 27, 2020 at 9:12 am

      then why complain about 8.89 increase. sounds like that is all you earned and don’t need it.

  2. Avatar

    Anonymous Reply Report comment

    October 26, 2020 at 7:56 pm

    The rate of inflation for 2019 was 1.8%. Not gonna help much.

  3. Avatar

    Anonymous Reply Report comment

    October 25, 2020 at 11:49 pm

    wish I got a dollar aday. mine figures out to be $8.89 a month

    • Avatar

      Warren Reply Report comment

      October 26, 2020 at 8:22 am

      wow less than 700 a month. no McDouble for you

  4. Avatar

    Ebenezer Reply Report comment

    October 25, 2020 at 5:52 pm

    thanks. that is about a dollar a day