Benefits will rise a smidge
It’s probably no surprise that in 2021, benefits will go up a little bit for recipients. This is due to inflation- more precisely, it’s due to the cost-of-living-adjustment, also known as COLA. In 2021, seniors will see a 1.3% increase, which doesn’t sound like much, but it could help a number of people make ends meet.
All in all, it means you’ll receive about $20 more every month. In some cases, however, many recipients won’t get to spend much with the extra cash on whatever they please due to higher Medicare premiums and deductibles. We still don’t know how much the federal government is planning on increasing them, so we won’t know for certain if the 1.3% raise will be completely offset or not.
You may also want to watch out for higher taxes!
1 thought on “5 Important Changes to Social Security Benefits in 2021”
What about the money that the government borrow from Social Security, that never got paid back?