2021 Social Security Cost-of-Living Adjustment

Social Security announced the cost-of-living adjustment (COLA) for next year will be 1.3 percent beginning in January 2021. Social Security recipients should watch for notification by mail or check your SSA Account online for information regarding the new benefit amount.

For those still working, the announcement also stated the maximum amount of earnings subject to the Social Security tax (6.2%) will increase from $137,700 to $142,800 in 2021.