What Are You Supposed to Do With a 2021 Social Security Raise of $0.65 Per Day?
Social Security recently announced that its beneficiaries would be getting a 1.3% payment boost in 2021, thanks to an increase in the consumer price index it uses to measure inflation. With the average retiree receiving $1,519.07 per month, that works out to an average increase of $0.65 per day. If that isn't challenging enough, beneficiaries who also receive Medicare will likely see a significant portion of that meager increase eaten up by increases in their Part B premiums.
That raises a very key question: What exactly are you supposed to do with that 2021 Social Security raise of $0.65 per day (or less after Medicare costs)? If nothing else, that number is so low that it should serve as a warning for those who aren't yet receiving Social Security. It should alert you to the fact that if you expect anything resembling real inflation in your retirement, you need to plan beyond Social Security to have a chance of fighting it off over time.
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Source Fool.com
