What You Need to Know: 2021 Social Security Benefit Changes.
The Social Security Administration has again approved a cost-of-living adjustment (COLA) for the Social Security benefit starting in January 2021. The increase of 1.3 percent is calculated based on the year-over-year rate of inflation and will increase the average American worker’s benefit by about $20 per month. The determination for the Social Security benefit increase uses a formula calculating the