By Pension and Benefits Editorial Staff
Social Security beneficiaries will see an increase in their monthly checks in 2021 of 1.3%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,543 for all retired workers in 2021, $20 a month more than in 2020. The COLA increase will be applied to this coming year’s benefits, beginning with benefits for December 2020, which are payable in January 2021.
The amount of earnings subject to taxation under FICA and SECA, the “wage base,” is also going up in 2021. The 2021 wage base of $142,800 is $5,100 higher than the 2020 amount of $137,700.
Source: Social Security Press Release.
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