Affordable Housing Connections
October 14, 2020 COLA Special Edition
Cost-of-Living Adjustment (COLA) Information for 2021
Federal benefit rates increase when the cost-of-living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W). The CPI-W measures the cost of goods and services – in other words, a person's cost of living. If inflation increases, the CPI-W also goes up signaling that it costs more to pay bills overall. An increase in benefits – often referred to as a cost-of-living adjustment (COLA) – is intended to helps to offset these costs.
The Social Security Administration will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. But, if looking for benefit amounts earlier, applicants/residents can check online using the Message Center here at my Social Security account – as soon as early December.
Average Retiree Payment
Adding 1.3% Increase to 2020 Benefits Example:
$1523 X 1.3% = $19.79 more per month
$1523 + $19.79 = $1,542.79 per month
New Monthly SSA Rate Effective 01/01/2021 = $1,542.79
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Social Security Cost of Living Adjustment
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Affordable Housing Connections
AHC Education and Leadership Center
Preparing Housing Professionals Today and Tomorrow
Email: ELC@ahcinc.net
Website: https://www.ahcinc.net/
Location: 400 Selby Avenue, Suite B |Saint Paul, MN 55102
Phone: 651-222-8319