Social Security benefits going up a modest 1.3% next year

Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus pandemic and its consequences for older people.

Posted: Oct 13, 2020 10:32 AM
Updated: Oct 13, 2020 10:35 AM

WASHINGTON (AP) - Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus pandemic and its consequences for older people.

Government estimates released Tuesday show the increase amounts to $20 a month for the average retired worker.

The estimated average Social Security payment for a retired worker would be $1,543 a month. The cost-of-living adjustment, or COLA, affects the personal finances of about 1 in 5 Americans.

The economic fallout from the virus reduced tax collections for Social Security and Medicare.

But there’s been no real discussion of either program in the election contest between President Donald Trump and Joe Biden.

The increases will begin on Dec. 31, 2020 for more than 8 million recipients. The rest will begin in January of 2021.

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