3 Social Security Changes to Look Out for in 2021
Millions of seniors rely on Social Security to pay the bills in retirement. The program is constantly evolving, though, and with a new year comes new changes you should be aware of. Here are three big ones to look out for in 2021.
Earlier this year, it seemed as though seniors were in danger of not getting a cost-of-living adjustment, or COLA, at all, due to dipping gas prices. But once inflation data was analyzed for July, August, and September, it was determined that seniors will, in fact, be in line for a raise for 2021.
Next year, Social Security benefits will be subject to a 1.3% COLA, which is better than no COLA, but a relatively stingy raise nonetheless. In fact, 2021's COLA is lower than 2020's, which came in at 1.6%.
Source Fool.com
