Social Security announces 2021 benefit increase

News

Social Security and Supplemental Security Income (SSI) benefits will increase 1.3% in 2021, the Social Security Administration announced Tuesday.

The average retiree will get a $20 increase per month.

The 1.3% 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. 

Retirees’ estimated average monthly benefit will increase by $20 per month, to $1,543 from $1,523 after the 1.3% increase, according to analysis from CNBC. Disabled workers’ average monthly benefit is estimated to go up by $16 per month, to $1,277 from $1,261.

Social Security and SSI beneficiaries will be notified by mail starting in early December about their new benefit amount. 

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. 

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Download the KSN News App and stay up-to-date wherever you are. You can even watch KSN News live for free!
Click here to get the app
Get it in the App store
Get it in the Google Play store

3 Day Forecast

KSN Storm Track 3 Weather

Trending Stories