Social Security Beneficiaries Are Getting a Raise: Here's How Much Extra to Expect in 2021

Though all eyes are on the upcoming election in less than three weeks, the most important day of the year for tens of millions of U.S. senior citizens occurred this past Tuesday, Oct. 13. That's when the U.S. Bureau of Labor Statistics released inflation data from September, providing the final puzzle piece to allow for the calculation of Social Security's cost-of-living adjustment.

Social Security beneficiaries are getting a raise next year. It won't, however, be much to write home about.

Before getting into the details of how much extra beneficiaries can expect to receive each month in 2021, let's first take a look at how the Social Security Administration calculates its annual inflationary increase.

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Source Fool.com