Modest Increase Approved for Social Security Recipients
Social Security recipients will get a 1.3% cost-of-living increase in 2021, but that might be small comfort amid worries about the coronavirus pandemic and its consequences for older Americans.
The increase amounts to $20 a month for the average retired worker, according to government estimates released today.
The cost-of-living adjustment, or COLA, affects the personal finances of about 1 in 5 Americans.
The economic fallout from the virus reduced tax collections for Social Security and Medicare, likely worsening their long-term finances.
Mary Liz is the News Director and Co-Host of Augusta’s Morning News on WGAC. She spent 11 years as a News Director at an Indiana Radio Station. She has also worked as a former Police and Courts Reporter for The Republic Newspaper and Assistant Marketing Director of Merchants National Bank in Indianapolis. Mary Liz focuses most on local breaking news stories, feature stories on upcoming events, or community-service related organizations and the people who serve them. She has been with WGAC since 1995.
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