In case you missed it with all of the election coverage, on October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020.1
How You Will Be Notified
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1. SSA.gov, October, 13 2020
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New COLA Increase for Social Security
October 26, 2020