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.