Oct 13, 2020 4:31 PM

Small increase planned for Social Security recipients

Posted Oct 13, 2020 4:31 PM

WASHINGTON (AP) — Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus pandemic and its consequences for older people. Government estimates released Tuesday show the increase amounts to $20 a month for the average retired worker.

The estimated average Social Security payment for a retired worker would be $1,543 a month. The cost-of-living adjustment, or COLA, affects the personal finances of about 1 in 5 Americans. The economic fallout from the virus reduced tax collections for Social Security and Medicare. But there’s been no real discussion of either program in the election contest between President Donald Trump and Joe Biden.