An increase of 1.3% for SSD and SSI benefits is planned for 2021, according the Social Security Administration (SSA).

The 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 on December 31, 2020.

The Social Security Act ties the annual COLA to the increase in the Consumer Price Index (CPI) as determined by the Department of Labor’s Bureau of Labor Statistics.
From the Social Security Administration:

“Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax will increase to $142,800 from $137,700.”

Are you planning on collecting social security in the near future? Have questions about this benefit increase? Please the law office of Mark J. Palmiere a call at 585-363-4076.

Mark and his staff have been representing social security disability claimants in New York State since 1994.