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Social Security announces 1.3% COLA for 2021

The Social Security Administration announced recently that benefits and the maximum amount of wages subject to payroll taxes will increase by 1.3% in 2021, the smallest cost-of-living adjustment since 2017, when the COLA was 0.3%, and one of the smallest increases since COLAs became automatic in 1975.

Benefits and taxable wages will increase by one of the smallest amounts ever next year

Source: InvestmentNews, 10/13/20

Cost-of-Living-Adjustments for 2021: Changes to a Few Limits.

The Social Security Administration recently announced Cost-of-Living-Adjustments (COLA) for 2021.

Changes are bolded below. 

Health Savings Account (HSA) and High Deductible Health Plan (HDHP) 2021 Limits

Please refer to the chart below for the 2020 and 2021 limits. Changes are bolded below.


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