SSA Announces 2021 COLA Increase of 1.3%

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. Changes to Medicare for 2021 have not yet been announced. When information is available, it will be provided at www.Medicare.gov.