2021 COLA

The Social Security Administration has begun mailing out the 2021 Cost Of Living Adjustment notices for SSDI and SSI. The COLA for 2021 is just 1.3%, which is significantly lower than those for 2018 through 2020.

The increase will take the SSI $783 monthly maximum benefit up to $794 beginning January 2021. Any adjustments for earned or unearned income will still apply.

The increase for SSDI benefits is dependent upon the current benefit amount, but if you haven't received your notice yet, a little simple math will provide an estimate.

Example: $1000 2020 benefit X 1.3% = $1,013 2021 benefit

For more information: https://www.ssa.gov/cola/