The Social Security Administration (SSA) has announced changes to Social Security benefits and taxes for 2021. All or some of these changes may affect deductions from your paycheck, amount of entitlement and retirement benefits, as well as eligibility for disability benefits.
The 10 Most Important SSA Changes for 2021:
* Your Social Security benefits (SSDI and SSI) will increase by 1.3% in 2021 (last year they increased by 1.6%).
* The SSI* payment for 2021 for an individual is $794/month; for a couple, the maximum monthly payment is $1,991.
* For 2021, (a) the maximum monthly retirement benefit for an individual who retired at age 70 (delayed retirement) is $3,895/month, (b)the maximum monthly retirement benefit for an individual who retired at age 66 is $3,113/month and (c) for an individual who retired at age 62, the maximum amount is $2,324/month. The disability benefit amount is the same as a full, unreduced retirement benefit.