Every year the government releases updates to the social security program. The 2021 Social Security COLA has several changes that could affect you or those you love. Overall, payments will increase by 3.1% and several factors will be adjusted that will possibly change the amount of money received or paid into the program.
Here are some key changes to the paid benefits:
Average Monthly Benefits in 2021 ($ difference from previous year) Retired worker: $1,543 (+$20)
Retired couple: $2,596 (+$33)
Widow or widower: $1,453 (+$19)
Widow with two kids: $3,001 (+$39)
Disabled worker: $1,277 (+$16)
Disabled worker w/ spouse, kids: $2,224 (+$29)
SSI for individual: $794 (+$11)
SSI for couple: $1,191 (+$16)
Source: SSA Changes in monthly income can have a significant impact on how much you can qualify for as it changes the debt to income ratio. This is a perfect time to connect with a qualified loan officer to help see what the future possibilities are. Reach out and lets see what we can do! For more information, please check out: https://money.usnews.com/money/retirement/articles/social-security-changes-coming-next-year
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