The 2021 COLA will increase social security benefits


The Social Security Administration will boost benefits by 1.3% in 2021.

The cost-of-living adjustment is less than the 1.6% hike in 2020 and one of the lowest increases Social Security has ever had.

The change will equal about $240 per year for the average retired worker.

Check out this video to see how much cash the move will mean for your benefits and to see how the increase compares with other changes in the past.

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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.



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