Social Security announces 2021 benefit increase

News
This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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

The average retiree will get a $20 increase per 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. 

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 This material may not be published, broadcast, rewritten, or redistributed.

Latest News

More News

National News

More U.S. & World

Washington D.C.

More Washington

Your Local Election HQ

More Your Local Election HQ

Daily Oklahoma Coronavirus Data

Trending

Contact In Your Corner Team

Latest News

More News

KFOR Digital Originals

More Digital Original

Follow @KFOR on Twitter