SSI, Social Security Benefits Will Increase In 2021
People with disabilities receiving Supplemental Security Income and other Social Security benefits will soon see their payments rise.
The Social Security Administration said this week that benefits will increase 1.3 percent in 2021.
The change comes as a result of an annual automatic cost-of-living adjustment, known as COLA, that’s tied to inflation. By law, Social Security benefits go up when there is an increase in the Consumer Price Index from the U.S. Department of Labor’s Bureau of Labor Statistics.
The higher payments will begin Dec. 31, 2020 for more than 8 million SSI beneficiaries and in January 2021 for over 64 million people across the nation receiving Social Security.
For individuals receiving SSI, the maximum federal payment will grow from $783 per month this year to $794 per month in 2021 with the automatic adjustment. Couples will see $1,191 per month next year, up from $1,175.
Some states kick in additional money for SSI beneficiaries, so actual payments may be higher.
Social Security officials said that beneficiaries are typically notified about their new benefit amount by mail beginning in early December, but most people can view the information in their online Social Security account.
The COLA increase for 2021 is slightly less than last year’s adjustment. Benefits rose 1.6 percent in 2020 compared to the previous year.