Social Security Benefit Increase for 2021

Social Security Benefit Increase for 2021

By: Stacey Nickens

On Tuesday, the Social Security Administration announced their cost-of-living adjustment for 2021. Recipients’ benefits will increase by 1.3%, which amounts to an average monthly increase of $20.

CNBC estimates that the average Social Security benefit will increase to $1,543 from $1,523. Additionally, the average disabled workers’ monthly benefit is expected to increase by $16 each month, from $1,261 to $1,277. Recipients will receive a mailing in early December outlining their new benefit amount. If the recipient receives Medicare, Social Security will not be able to calculate their new benefit until after the 2021 Medicare premiums are announced.

Source: wwlp.com
By Categories: BlogPublished On: October 14th, 2020