More than 70 million Social Security beneficiaries will receive a cost-of-living adjustment (COLA) of 1.3% starting with the December 2020 benefits, which are payable in January 2021. This COLA adjustment is less than the 1.6% increase last year (Social Security Administration Press Release and Fact Sheet, 10/13/20; https://www.ssa.gov/news/press/releases/2020/#10-2020-1). However, for many Social Security recipients, the […]

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