Social Security Benefits Set to Increase in 2021
WASHINGTON AND HOLMES COUNTY - Social Security payments will increase by 1.3% in 2021. The Social Security Administration (SSA) recently released the changes to its Social Security and Supplemental Security Income (SSI) programs. Approximately 70 million Americans receive either Social Security or SSI benefits.
There are 4,747,364 beneficiaries of either Social Security Disability, Retirement and Survivor’s benefits, as well as 576,861 SSI recipients in the state of Florida. The 1.3% increase in benefits will take place starting in January 2021 for the beneficiaries of Social Security benefits and starting on December 31, 2020, recipients of SSI will see their benefits increase.
According to a statement from the Social Security Administration, “Most people who receive Social Security payments will be able to view their cost-of-living adjustment notice online through their personal my Social Security account.”
Other changes announced from the SSA include estimated average monthly Social Security benefits increases to the following:
- Retired Workers: $1,543/month in 2021 compared to $1,523 in 2020
- Disabled Workers: $1,277/month in 2021 compared to $1,261 in 2020
- SSI Individual Federal Standard: $784/month in 2021 compared to $771/month in 2020
- SSI Couples Federal Standard: $1,191/month in 2021 compared to $783/month in 2020
Because of the increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $142,800 in 2021 from $137,700 this year. The SSA later concluded that when the 2021 changes to Medicare will be announced, it will be done so at Medicare.gov.