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The Social Security Administration announced this week that beneficiaries will see a 1.3 percent increase in benefits because of the cost-of-living adjustment (COLA) for 2021. If you are receiving benefits, you should get a notice in December that details your new monthly payment amount.

Federal benefit rates increase when the cost of living rises, as measured by the Department of Labor’s Consumer Price Index (CPI-W).

The CPI-W increases as inflation rises, which means prices for goods and services are typically a little higher. The COLA is intended to help beneficiaries meet those increased costs.

► Read more about the increase at Social Security Benefits Increase in 2021

► Check out our Social Security Disability Resource Guide to learn more about filing your SSD claim.