Social Security benefits and Supplemental Security Income (SSI) payments for approximately 70 million Americans will increase 1.3 percent in 2021, the Social Security Administration has announced.

According to SSA, the average monthly Social Security benefit for a retired worker will increase by $20, from $1,523 in 2020 to $1,543 in 2021. The average monthly benefit for a Social Security disabled worker beneficiary will increase by $16, from $1,261 in 2020 to $1,277 in 2021. In addition, the SSI Federal Payment Standard will increase from $783 per month in 2020 to $794 per month in 2021.

Important work incentive thresholds for Social Security and SSI beneficiaries with disabilities will also increase, including the Substantial Gainful Activity level and the Trial Work Period earnings level. View SSA’s fact sheet for more details on the 2021 Social Security COLA.

There are many online resources about Social Security. You can find many answers about the programs and services on the Frequently Asked Questions page… Continue reading →