Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 1.3 percent in 2021 according to the Social Security Administration.
The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million SSI beneficiaries will begin Dec. 31, 2020.
Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account.
Information about Medicare changes for 2021, once announced, will be available at www.medicare.gov. For those receiving Medicare, Social Security will not be able to compute their new benefit amount until after Medicare premium amounts for 2021 are announced.
Source: Social Security Administration