Social Security checks will be going up by 1.3% in 2021. The adjustment will take effect in December and appear in January’s checks. In December, Social Security beneficiaries will receive a letter informing them of their new benefit amount. This information will also be posted on their Social Security account.
Beneficiaries can do their own math now by logging into their Social Security account and bringing up their benefit verification letter, which shows the gross amount of their benefit before deductions. Then, they can just multiply that amount by 1.013.
Medicare premiums will be announced in November. For most people, the 1.3% COLA (cost of living) adjustment should cover the rise in Part B premium, so there will likely not be a hold harmless situation this year.
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