Better Than A Kick In The Check: Social Security Admin Announces 2021 COLA Increase
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Americans collecting Social Security will see their benefits increase by 1.3% in 2021.
According to Business Insider, the Social Security Administration announced its annual cost-of-living increase on Tuesday, October 13th.
In June of 2020, the average retiree received a benefit of $1,514. That means that the average retiree can expect to see an increase of $19.68 per month.
The 1.3% adjustment is lower than that of the past several years — adjustments were 2.8% and 1.6% for 2019 and 2020, respectively.
It's not much of an increase. Financial planners recommend retirees devise other ways to keep up with rising healthcare and daily living costs.
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