The cost of living increase (COLA) for seniors and others receiving Social Security will rise only 1.3% in 2021, down from the 1.6% increase in 2020. This works out to an average of $20/month for those receiving the benefit. The Social Security Administration (SSA) sets the increase based on the Labor Department’s consumer-price-index for urban wage earners and clerical workers, also known as the CPI-W.
