Americans collecting Social Security will see their benefits increase by 1.3% in 2021.
According to Business Insider, the Social Security Administration announced its annual cost-of-living increase on Tuesday, October 13th.
In June of 2020, the average retiree received a benefit of $1,514. That means that the average retiree can expect to see an increase of $19.68 per month.
The 1.3% adjustment is lower than that of the past several years — adjustments were 2.8% and 1.6% for 2019 and 2020, respectively.
It's not much of an increase. Financial planners recommend retirees devise other ways to keep up with rising healthcare and daily living costs.
According to Business Insider, the Social Security Administration announced its annual cost-of-living increase on Tuesday, October 13th.
In June of 2020, the average retiree received a benefit of $1,514. That means that the average retiree can expect to see an increase of $19.68 per month.
The 1.3% adjustment is lower than that of the past several years — adjustments were 2.8% and 1.6% for 2019 and 2020, respectively.
It's not much of an increase. Financial planners recommend retirees devise other ways to keep up with rising healthcare and daily living costs.
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