The government won’t officially announce the next cost of living adjustments until October, but experts are predicting a small raise or none at all.
If you’re among the nearly 70 million people receiving Social Security benefits, you might be wondering what, if any, cost of living adjustments you'll receive in 2021.
Social Security's general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers .COLAs are based on increases in the CPI-W from the third quarter of the prior year to the corresponding quarter of the current year in which the COLA became effective. For the 11 years ending 2019, the benefits rose 1.4% on average.
The standard Medicare Part B premium is expected to rise 2.7% to $148.50 per month in 2021 from $144.60 per month in 2020.Given a no-to-low Social Security COLA, David Freitag, a financial planning consultant with Mass Mutual, said beneficiaries should look for “premium relief” by comparing traditional Medicare to Medicare Advantage.
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