Social Security Administration Announces Benefits Increase for 2021

Social Security Administration Announces Benefits Increase for 2021


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The Social Security Administration announced Tuesday that Social Security beneficiaries will see a 1.3 percent increase to their monthly checks in 2021.

The cost-of-living adjustment will start with benefits payable to over 64 million Social Security beneficiaries in January 2021, the administration said in a news release.

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The increased payments will start Dec. 31, 2020, for 8 million beneficiaries.

The annual COLA increase is tied to the Consumer Price Index determined by the Department of Labor’s Bureau of Labor Statistics.

The COLA affects the personal finances of 1 in 5 Americans, including Social Security recipients, disabled veterans and federal retirees, according to CBS News.

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