On October 14, 2020, the Social Security Administration announced an increase of 1.3 percent to those receiving Social Security and Supplemental Security Income (SSI). This cost-of-living adjustment (COLA) will start in January 2021 for those receiving Social Security, and December 31, 2020 for those receiving SSI benefits.
Additional adjustments based on average wage increases will also begin in January 2021, increasing the maximum amount of earnings subject to the Social Security Tax from $137,700 to $142,800.
If you would like to check the status of your Social Security or SSI benefits, visit www.socialsecurity.gov/myaccount to access your My Security account online. Please note Social Security beneficiaries receiving Medicare will not be able to view benefit changes until Medicare announces new premium amounts for 2021—recipients will be notified of final amounts in December either through mailed notice or via the message center through your Social Security account online.