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SOCIAL SECURITY CHECKS TO INCREASE IN 2021

Each year, the Social Security Administration reviews the national economy to see whether a Cost of Living Adjustment (COLA) is needed for those receiving benefits.  This usually results in a small increase in payments to Social Security recipients.  

The increase for 2021 will be 1.3 percent.  For a person receiving $1,500 per month in 2020, the ceck will increase to $1,519.50.

The idea behind COLA is to help keep up with inflation so that the purchasing power of benefits is not diminished.  

Here is a related question we often get:  I began receiving disability benefit before I was full retirment age.  When I become retirement age will my benefits increase?  The answer is usually no.  When a person becomes disabled, Social Security awards their retirement benefits early in the form of disability benefits.  When the beneficiary turns full retirement age (usually about 66 and one-half), the benefit converts to a retirement benefit but the amount stays the same.  A beneficiary won't notice the change.  The payment simply comes out of a different Social Security trust fund but for exactly the same amount.

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