Social Security Cost of Living Adjustment (COLA) for 2021: 1.3%

Social Security Cost of Living Adjustment (COLA) for 2021: 1.3%

Two years before I was born, President Roosevelt signed into law the Social Security Act on August 14, 1935. Worse yet, seniors could lose nearly half of their COLA increase to a rise in the Medicare Part B premium for 2021, the exact amount of which has not yet been announced.

"People who have been receiving benefits for 12 years or longer have experienced an unprecedented series of extremely low cost-of-living adjustments (COLAs)", says Mary Johnson, a Social Security policy analyst for The Senior Citizens League (TSCL). The situation is causing those with the lower Social Security benefits to see little growth in their net Social Security income after deduction of the Part B premium.

Information about Medicare changes for 2021, when announced, will be available at www.medicare.gov.

In years when there is no inflation, there is no increase in benefits. I hope others like me and those who have parents who receive monthly Social Security checks will join me in not voting for Trump. Social security would be taxing the total wages in 2021 up to $142,800 which is quite a leap from $137,700 in 2020.

"The guaranteed benefits provided by Social Security and the COLA increase are more crucial than ever as millions of Americans continue to face the one-two punch of the coronavirus's health and economic consequences", Jenkins said. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor's Bureau of Labor Statistics. Just the previous month, the Senior Citizens League- an advocacy nonpartisan group that is dedicated towards older Americans- predicted a boost of 1.3%, based on the consumer price index data.

Social Security benefits remain the biggest source of retirement income for most Americans and provide 90% or more of the income for one in four older adults, according to AARP.

The earnings limit for people reaching their "full" retirement age in 2021 will increase to $50,520.

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