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Uptick for retiree checks in 2021 amid coronavirus worries

social security benefits

WASHINGTON (AP) -- Social Security recipients will get a modest 1.3% cost-of living-increase in 2021, but that might be small comfort amid worries about the coronavirus pandemic and its consequences for older people.

The increase amounts to $20 a month for the average retired worker, according to government estimates released Tuesday.

The cost-of-living adjustment, or COLA, affects the personal finances of about 1 in 5 Americans.

The economic fallout from the virus reduced tax collections for Social Security and Medicare, likely worsening their long-term finances.

But there's been no real discussion of either program in the personally charged election contest between President Donald Trump and Democrat Joe Biden.

Associated Press

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Associated Press

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