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The 68 million people – including retirees, as well as disabled people and others – who rely on Social Security will receive a 1.3% cost-of-living adjustment (COLA) next year, the Social Security Administration said Tuesday.

CNBC reports the following monthly increases:

  • Estimated average monthly benefit will increase by $20 per month, to $1,543 from $1,523 after the 1.3% increase.
  • Disabled workers’ average monthly benefit is estimated to go up by $16 per month, to $1,277 from $1,261.
  • The maximum amount of wages taxed for Social Security will be $142,800 in 2021, up from $137,700 in 2020.

The average cost-of-living adjustment since 2010 has been 1.4%. Between 1999 and 2009, annual increases averaged 3%, according to CNBC.

This article was written by Melvin Vigo~ Melvin Vigo is Beasley Media Group's Fort Myers Digital Program Director. He's a sucker for ice cream and a good Netflix show. When he's not working, he's probably napping, watching endless Tik Tok videos or at the dog beach. Because why not? You can connect with Melvin on Instagram @mr.hernanlugo