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.