Friday, November 27, 2020

Tag: 2021 Social Security COLA Could Be “Infected” by the Coronavirus

2021 Social Security COLA Could Be “Infected” by the Coronavirus

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from Birch Gold Group:

It appears that the coronavirus, officially known as COVID-19, could claim a surprising victim: the 2021 COLA from Social Security.

According to official statistics, more than 64 million Americans receive more than $1 trillion in Social Security benefits. It also represents about 33% of total income for the elderly.

So when the “cost-of-living adjustment” comes out each year, a large number of Americans are paying attention. For 2020, that adjustment resulted in an increase of 1.6%. Not a huge increase – and not quite enough to keep pace with the official rate of inflation – but certainly better than nothing.