Cost of living adjustment for 2021 gives bumps of $20 per month
Evie Fordham of Fox Business News notes almost 70 million Americans will be able to take advantage of a Social Security 2021 cost-of-living increase of 1.3%. That translates to an average increase of $240 for the year, or $20 per month. That takes an estimated average monthly benefit of $1,523 per month to $1,543. The Senior Citizens League characterized the increase as “extremely low.” According to the League, benefits have lost 30% of their purchasing power since the year 2000. Of course benefits can never go down either, and in that sense seniors have been protected by the pandemic where so many lost wages or businesses. Full article here.