Social Security Changes in 2021

Social Security Payments to Increase 1.3 Percent in 2021

Social Security recipients will get a 1.3 percent cost-of-living adjustment (COLA) in their monthly benefit payments starting in January 2021, the lowest increase since 2017. The average recipient will receive $1,543 a month, up from $1,523 in 2020.

The 2021 COLA will be crimped by higher Medicare Part B premiums. The standard premium will be $148.50 a month compared to $144.60 in 2020, an increase of $3.90 per month.