Retiree cost of living adjustments sink for the second year in a row

Federal Times: The Social Security Administration announced Tuesday that the cost-of-living adjustment for retirees receiving Social Security benefits would increase by only 1.3 percent in 2021, the second year in which adjustments had been lower than the year before.

“The 1.3 percent cost-of-living adjustment will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million [Supplemental Security Income] beneficiaries will begin on December 31, 2020,” SSA said in a news release.

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