Skip to main content

  • Home
  • About
  • Our Services
  • Family Office
  • Resources
    • FORM ADV Part 3: Form CRS
    • Featured Articles
    • Calculator Library
    • Newsletter
    • Useful Websites
  • Blog
  • Contact 
    • Book a Meeting
    • Refer a Friend
    • Subscribe to our newsletter
  • Client Portal

The Social Security Administration Announces 2021 COLA

    You are here

  1. Home
  2. Blogs
  3. The Social Security Administration Announces 2021 COLA

The Social Security Administration Announces 2021 COLA

Submitted by Pinnacle Wealth Management Group, Inc on October 29th, 2020

The Social Security Administration Announces 2021 COLA
What you should know about the most recent cost-of-living adjustment.

On October 13, 2020, the Social Security Administration (SSA) officially announced that Social Security recipients will receive a 1.3 percent cost-of-living adjustment (COLA) for 2021. This adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Additionally, increased payments to more than 8 million Supplemental Security Income (SSI) beneficiaries will begin on December 31, 2020.1

Is this a COLA lite? Many may be disappointed by this modest bump compared to the 1.6 percent increase beneficiaries saw in 2020 or the 2.8 percent boost in 2019. However, it’s important to remember that the Social Security Act ties the annual COLA to the increase in the Consumer Price Index (CPI). In broad terms, the CPI measures the price of consumer goods and how they're trending in to evaluate the economy. In short, lower inflation numbers usually equals a modest COLA.2

How You Will Be Notified. According to the Social Security Administration, Social Security and SSI beneficiaries are usually notified by mail starting in early December about their new benefit amount. However, if you’ve set up your SSA online account, you will also be able to view your COLA notice online through your “My Social Security” account.3

What are your next steps? If this increase surprises or concerns you, it's always a good idea to seek guidance from your financial professional about changes to any of your sources of retirement income.

To learn more, call our office or CLICK HERE to request a meeting today!

(734) 667-5581

Pinnacle Wealth Management Group, Inc.

www.pwmgi.com

849 Penniman Ave, Suite 201, Plymouth, MI 48170

Securities offered through Private Client Services, Member FINRA/SIPC. Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor. Private Client Services and Pinnacle Wealth Management Group, Inc., are unaffiliated entities.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Citations

1. SSA.gov, October 13, 2020

2. SSA.gov, October 13, 2020

3. SSA.gov, October 13, 2020

Tags:
  • 2021
  • Financial
  • financial planning
  • pinnacle
  • retirement
  • retirement planning
  • social security
  • wealth management

Book a Meeting

Refer a Friend

Subscribe to our newsletter

Contact Us

Don't hesitate to get in touch with us.
We would love the opportunity to become your trusted advisor.

Get to know us

Phone: 734-667-5581
Fax: 734-667-5607

Email: support@pwmgi.com

849 Penniman Suite 201, Plymouth, Michigan 48170

Get Directions

Quick Message

  • Sitemap
  • Legal, privacy, copyright and trademark information

Securities offered through Private Client Services, Member FINRA/SIPC. Advisory products and services offered through Pinnacle Wealth Management Group, Inc., a Registered Investment Advisor. Private Client Services and Pinnacle Wealth Management Group, Inc. are unaffiliated entities.

This site is published for residents of the United States only. Registered Representatives of Private Client Services, Member FINRA/ SPIC and investment advisor representatives of Pinnacle Wealth Management Group, Inc., an SEC Registered Investment Advisory firm may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Not all of the services referenced on this site are available in every state and through every advisor listed. For additional information, please contact us for more information. 

© 2023 Pinnacle Wealth Management Group, Inc. All rights reserved.

Website Design For Financial Services Professionals