Sunday, October 25, 2020
"The Social Security Administration (SSA) recently released key figures for 2021 that will affect all elderly and disabled individuals who receive program benefits, including social security retirement benefits, social security disability insurance income, and supplemental security income."
Social security recipients will receive a Cost-of-Living Adjustment of 1.3%. This is increase, and the increases in other social security benefits are tied to the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is published by the Federal Bureau of Labor Statistics. The difference between the CPI-W numbers in the third quarters of 2019 and 2020 was 1.3%, which set the Cost-of-Living Adjustment.
"Individuals receive social security disability insurance (SSDI) income if they are unable to maintain 'substantial gainful employment.'" In 2021, the substantial gainful activity amount is $1,310 per month. Therefore, if an individual will be able to receive more than $1,310 a month despite any physical or mental impairments, they will not be able to receive SSDI.
The 2021 monthly SSI will be $794 per month for an individual and $1,191 for a married couple, a slight increase from 2020.
In regard to Medicare, the 2021 adjustments have not been released yet.
See Mark D. Munson, Aric D. Burch, & Jessica A Merkel. Social Security Administration Releases Key Figures for 2021, Ruder Ware, October 19, 2020.
Special thanks to Lewis Saret (Attorney, Washington, D.C.) for bringing this article to my attention.