The Social Security Administration announced that the Cost-of-Living Adjustment (COLA) for 2021 will be 1.3%. This is the smallest COLA increase since 2017. For an average retiree, this equates to around $20 more a month.
The Social Security Administration also revealed that the maximum amount of earnings subject to the Social Security tax will increase to $142,800. More information on the COLA for 2021 can be found here.
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Joel Johnson, CFP®
CEO and Managing Partner, Johnson Brunetti