Social Security recipients will get a modest 1.3% cost-of-living increase in 2021.
That works out to an increase of about $20 a month for the average retired worker.
It's the lowest cost-of-living adjustment since 2016, when the increase was just 0.3%. The following years the adjustment was 2.0%, 2.8% and 1.6%.
More than 64 million Social Security beneficiaries will see the adjustment starting in January 2021, while increased payments to more than 8 million Supplemental Security Income beneficiaries will begin on Dec. 31, 2020.
The Social Security Administration also announced Tuesday that the maximum amount of earnings subject to the Social Security tax will increase to $142,800 from $137,700.
To view your payments visit socialsecurity.gov/myaccount.
Information about Medicare changes for 2021 have not yet been released.