Monthly Social Security Checks Would Be $380 Higher If COLAs Reflected Reality for Seniors

This month, the average Social Security recipients will start seeing an extra $20 in their checks. The boost comes courtesy of the 1.3% cost of living adjustment (COLA) that beneficiaries will receive in 2021. This brings the average monthly benefit to $1,543 in January 2021.

But what if Social Security COLAs actually reflected the real cost increases seniors face? Before you even add in the 2021 COLA, the average monthly check for longtime recipients would already be $380 higher.

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Source Fool.com