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Social Security to pay an extra $20 a month on average in 2021

Twenty bucks is what the average Social Security recipient currently making $1,523 per month will get added to his/her check starting January 1, 2021.  Medicare Part B premium increases will likely eat up about 50% of that increase, though the exact amount will not be known until later this year.  This CBS article summarizes the 1.3% cost of living adjustment announced by The Social Security Administration on Tuesday 10/13.  It also briefly discusses Joe Biden’s plan for an enhanced COLA more closely tied to a different inflation gauge along with his proposal to tax higher income people more to pay for the increased benefits.  Full article here.

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