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Social Security payments going up for cost-of-living-adjustements


Last updated 10/14/2020 at 11:29am

From U.S. Social Security Administration

Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 1.3 percent in 2021, the Social Security Administration announced Tuesday.

The 1.3 percent cost-of-living adjustment — COLA — will begin with benefits payable to more than 64 million Social Security beneficiaries in January. Increased payments to more than 8 million SSI beneficiaries will begin Dec. 31.

Some people receive both Social Security and SSI benefits.

The Social Security Act ties the annual COLA to the increase in the Consu...

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