SSA Announces 1.3 Percent COLA Increase
The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.3 percent in 2021. 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 Dec. 31, 2020. The COLA increase also applies for Americans who rely on VA disability, military retirement, and other government benefits. Changes to Medicare for 2020 have not yet been announced.