Modest increases in Social Security pay & Medicare premiums forecast for 2021 - USA Today & AMAC
While the official cost of living adjustment (COLA) for Social Security recipients in 2021 will be announced in October, Paul Davidson of USA Today quotes one expert who says Social Security recipients can expect a 1.3% COLA. That’s according to Mary Johnson, a policy analyst for the Senior Citizen League. It would be among the smaller increases in the past two decades. She notes some seniors are struggling, but Johnson leaves out that all but the highest income earning seniors received $1,200 per person stimulus payments in April. That was quite the boon of $2,400 for a household of two. Nonetheless she predicts Medicare Part B premium could rise by a hefty $17.40 a month in 2021 because of large pandemic-related Medicare costs. Full article here.