Social Security recipients will see modest rise for 2021: 'Something's got to give'
October 14, 2020
WASHINGTON - Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus and its consequences for older people.
The increase amounts to $20 a month for the average retired worker, according to estimates released Tuesday by the Social Security Administration. That's a little less than this year's 1.6% cost-of-living adjustment, or COLA.
The COLA affects the personal finances of about 1 in 5 Americans, including Social Security recipients, disabled veterans and federal retirees, some 70 million people in all.