Social Security Corner
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Social Security benefits to increase in 2021
early 70 million Americans will see a 1.3 percent increase in their Social Security benefits and SSI payments in 2021. Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index.
on the increase in the national payees. Want to know your new average wage index. For example, benefit amount sooner? You can the maximum amount of earnsecurely view and save the Social ings subject to Social Security Security COLA notice online payroll tax in 2021 will be via the Message Center higher. The retirement inside My Social earnings test exempt Security in early by amount will also December without change in 2021. waiting for the You can read mailed notice. more informaHome is Where You’ll Find Us My Social tion here: www. Security account ssa.gov/news/ holders can opt out press/factsheets/colaof receiving a mailed facts2021.pdf. COLA notice and other
Elizabeth Pivonka
The Consumer Price Index rises when inflation increases, leading to a higher cost of living. This change means prices for goods and services, on average, are a little more expensive, COLA notices will be mailed Home You’llthe Find Usof Deso the COLA helps to offsetis Where throughout month these costs. cember to retirement, survivors and disability beneficiaries, SSI January 2021 marks other recipients, and representative changes that will happen based
paper notices that are available online. You can choose text or email alerts when there is a notice in Message Center by updating your Preferences at www.
ssa.gov/myaccount/opt-out. html so you always know when we have something important for you. Be the first to know! Sign up for or log in to your personal account today at www.ssa.gov/ myaccount. Choose email or text under “Message Center Preferences” to receive courtesy notifications. This way you won’t miss your online COLA notice! You can find more information about the 2021 COLA at www.ssa.gov/cola. The author is with the Social Security Administration in Albany.
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