The Average Social Security Check Will Be About $20 Larger Next Year
Older adults will get a 1.3% increase in their Social Security benefit in 2021, the Social Security Administration announced Tuesday morning. That works out to about a $20 monthly bump in the average Social Security benefit, to nearly $1,540.
While something is better than nothing, the cost-of-living adjustment (COLA) for 2021 is lower than the rising expenses many retirees face — particularly for health care. In the 12 months through August, medical care service costs rose more than 5% according to the Bureau of Labor Statistics. (That category includes physician services, as well as dental and eye care.) The cost of at-home care for the elderly officially rose 4%. And Medicare costs continue to mount.
“Collectively, increases in Medicare premiums are going to outstrip the amount that most people get in their COLA,” says Mary Johnson, the Social Security and Medicare Policy analyst at The Senior Citizens League.
