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5 minute read
Social Security Corner
Social Security Corner
Social Security benefits to increase in 2021
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Nearly 70 million on the increase in the national payees. Want to know your new ssa.gov/myaccount/opt-out. Americans will see a average wage index. For example, benefit amount sooner? You can html so you always know when 1.3 percent increase the maximum amount of earn- securely view and save the Social we have something important in their Social Secu- ings subject to Social Security Security COLA notice online for you. Home is Where You’ll Find Us Home is Where You’ll Find Us rity 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. 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, so the COLA helps to offset payroll tax in 2021 will be higher. The retirement earnings test exempt amount will also change in 2021. You can read more information here: www. ssa.gov/news/ press/factsheets/colafacts2021.pdf. COLA notices will be mailed throughout the month of Devia the Message Center inside My Social Security in early December without waiting for the mailed notice. My Social Security account holders can opt out of receiving a mailed COLA notice and other paper notices that are available online. You can choose text by Elizabeth Pivonka 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. these costs. cember to retirement, survivors or email alerts when there is a The author is with the Social January 2021 marks other changes that will happen based and disability beneficiaries, SSI recipients, and representative notice in Message Center by updating your Preferences at www. Security Administration in Albany.
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