It's Official: Social Security Beneficiaries Get a 1.3% Raise for 2021
Seniors on Social Security will see their benefits increase by 1.3% come 2021. News of an official cost-of-living adjustment, or COLA, was announced this morning by the Social Security Administration.
That 1.3% COLA aligns with previous estimates made by the non-partisan Senior Citizens League and is based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures changes in the cost of common goods and services. And while it's certainly better than no raise at all, it's the lowest seniors have gotten in four years, which is bad news at a time when so many older Americans are struggling due to the financial impact of the coronavirus pandemic.
Image source: Getty Images.
Source Fool.com
