Social Security Administration Announces 1.3% Benefit Increase For 2021

(CBS Local)- The Social Security Administration announced Wednesday that benefits for about 70 million Americans will increase by 1.3% in 2021. The increase in benefits is a cost-of-living adjustment that will begin in January of the new year.
The Social Security Act ties the annual cost-of-living adjustment increases to the Consumer Price Index, which is determined by the Department of Labor’s Bureau of Labor Statistics.
Most Security and SSI beneficiaries will be able to view their cost-