Ok, so everyone maybe wanted more…. but given the circumstances any increase is likely a gift!
About one week ago the news broke from the Social Security Administration….
Social Security COLA Increase Announcement
Here at this link, the Social Security Administration announced a COLA (Cost of Living Adjustment) of 1.3% for 2021!
Approximately 70 million Americans will see a 1.3 percent increase in their Social Security benefits and Supplemental Security Income (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 (CPI-W).
They go on to explain the increase in more detail!
The CPI-W 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 cost-of-living adjustment (COLA) helps to offset these costs.
There you have it, an increase of 1.3% for 2021! Much better than nothing!
Have a Great “Social Security COLA Increase” Day!
John A. Kvale CFA, CFP
Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth