Cost of Living Increase 2021
Social Security and disability benefits will rise by 1.3% next year, with the average monthly benefit increasing by $20 to $1,543 from $1523, according to the Social Security Administration.
The increase accounts for the rise in inflation and is calculated by assessing the change in the consumer price index from the third quarter of 2019 to the third quarter of 2020.
The 64 million Americans receiving regular Social Security benefits will see the increase starting January 2021. Increased payments for the 8 million Americans who receive Supplemental Security Income (SSI) benefits will start December 31, 2020.
The SSA will notify beneficiaries by mail in early December about the increased benefit amount. You can also check out the new amount through your personal Social Security account online.
For workers, the maximum amount of earnings subject to the Social Security tax also increased to $142,800 from $137,700. This also goes into effect in January.
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John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions.
Phone: (781) 378-2164