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Modest raise once again. The COLA increase for Social Security benefits for 2021 is just 1.3%, or $20/month for the avg benefit check.
This year’s increase is among the smallest ever, and it marks the fifth time since 2010 that there will be an extremely low, or even no, adjustment, according to The Senior Citizens League.
“People who have been receiving benefits for 12 years or longer have experienced an unprecedented series of extremely low cost-of-living adjustments (COLAs),” Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, said in a statement.
Benefits increased by 1.6 % in 2020, 2.8% in 2019, 2% in 2018, 0.3 percent in 2017 and 0% in 2016.
The increase will take effect in January for Social Security recipients and Dec. 31 for Supplemental Security Income recipients.
I was hoping for a higher than usual raise, sort of a stimulus for economic downturn from 2020. But was expecting this as funds are also harder to come by these days.
Think this raise makes sense fiscally for the SSA program, being that it's so small? Or do you think the govt should have stepped up and adjusted benefits to a more meaningful degree?