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.
- Small Cost Increase in Medicare Part B for 2025 - November 18, 2024
- November Caregiver Month, pt 2 - November 11, 2024
- November is National Family Caregivers Month - November 7, 2024
- How Home Care Helps - November 4, 2024
- What is Home Care? - October 25, 2024
- Social Security COLA Set at 2.5% for 2025 - October 14, 2024
- In-Home Elder Care - October 10, 2024
- Signs Your Elderly Parents Need Help at Home, pt. 2 - September 30, 2024
- Signs That Your Elderly Parents Need Help at Home, pt. 1 - September 23, 2024
- Home Care for Elders: Key Takeaways, pt3 - September 16, 2024
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
Email: [email protected]
Website: https://homecarepartnersma.com
