Social Security Enrollees to Receive 1.3 Percent Benefit Increase Next Year
Beginning January 2021, 70 million Americans will receive a 1.3 percent increase in benefits in their Social Security and Supplemental Security Income (SSI), the Social Security Administration announced.
The increase is due to the cost-of-living adjustment (COLA). 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.
Notification of an increase will be sent to Social Security enrollees in December 2020. Most people who receive Social Security payments will be able to view their COLA notice online through their personal my Social Security account. People may create or access their my Social Security account online at www.socialsecurity.gov/myaccount.