Monthly Social Security Checks Would Be $380 Higher If COLAs Reflected Reality for Seniors

Robin Hartill, CFP, The Motley Fool
·4-min read
Monthly Social Security Checks Would Be $380 Higher If COLAs Reflected Reality for Seniors

This month, the average Social Security recipients will start seeing an extra $20 in their checks. The boost comes courtesy of the 1.3% cost of living adjustment (COLA) that beneficiaries will receive in 2021. Before you even add in the 2021 COLA, the average monthly check for longtime recipients would already be $380 higher.