Social Security increase for 2021
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Last updated 11/4/2020 at 11:38am
The news is out. Our Social Security benefit increase starting in January 2021 will be less than it was for 2020.
Instead of the 1.6% increase we received this year, they’re cutting us back to 1.3% for Social Security benefits and Supplemental Security Income. For the average recipient, this comes to a whopping $20 per month. The average benefit will be $1,543 per month and $2,596 for a couple.
The retirement earnings test exempt amount will change in 2021 as well. If you’re not yet at full retirement age, the annual exempt amount will be $18,960 per year. During the first year you reac...
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