By Payroll and Entitlements Editorial Staff
The Social Security Administration's official announcement that there will be a 1.3% cost-of-living adjustment for Social Security beneficiaries in 2021 was published in the Thursday, October 22, 2020, Federal Register (85 Fed. Reg. 67413). The $142,800 tax and benefit base, retirement earnings test exempt amounts, benefit computation formulas, amounts required for a quarter of coverage, and other parameters dependent upon the cost-of-living amount and national average wages also are provided in the notice. Although these amounts were discussed in Report Letter 1305, dated October 20, 2020, the Federal Register release provides additional supplementary information detailing the statutory basis and formulas used to calculate the various amounts reported.
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