The Social Security Administration has just announced that those who receive Social Security Retirement, Social Security Disability or Supplemental Security Income (SSI) will be getting a 1.3 % benefit increase in 2021.
The 1.3% cost-of-living adjustment (COLA) will begin with benefits payable to Social Security Retirement and Disability beneficiaries in January 2021. Increased payments to SSI beneficiaries will start on December 31, 2020.
Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount.
The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, a broad measure of consumer prices. It measures price changes for food, housing, clothing, transportation, energy, medical care, recreation and education.