WASHINGTON – 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 and its consequences for older people.The increase amounts to $20 a month for the average retired worker, according to estimates released Tuesday by the Social Security Administration.
That would follow a 1.6% increase this year in the cost-of-living adjustment, or COLA.The COLA affects the personal finances of about 1 in 5 Americans, including Social Security recipients, disabled veterans and federal retirees, all in all some 70 million people.The economic fallout from the virus has reduced tax collections for Social Security and Medicare, likely worsening their long-term.