Social Security COLA 1.3% Increase … Better than NO Increase!

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

Management firm.

jkfinancialinc

street-cents

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