By Matthew DeGioia, Esq., 301.563.6685
On October 22, the Social Security Administration announced a 1.3% cost-of-living adjustment (COLA) for 2021. 85 Fed. Reg. 67413 (October 22, 2020). The COLA will be effective for December 2020 Title II Social Security benefits, including Social Security Disability (SSD) benefits, payable in January 2021, and for Title XVI Supplemental Security Income (SSI) payments made for January 2021 but paid on December 31, 2020. The average SSD benefit will be increased by $16 per month, from $1,261 to $1,277, and the federal SSI maximum will increase to $794 per month for individuals and $1,191 per month for couples. The SSI resource limits will remain the same at $2,000 for individuals and $3,000 for couples.
In addition, in January 2021, the substantial gainful activity threshold will increase from $1,260 per month to $1,310 per month for non-blind claimants, and $2,110 per month to $2,190 per month for blind claimants. The Trial Work Period threshold will also increase from $910 per month to $940 per month. Further, the maximum amount of earnings subject to the Social Security tax will also increase from $137,700 to $142,800.
For more information, check out http://www.socialsecurity.gov/news/cola/.
About Andalman & Flynn, P.C.: Founded in 1998 in downtown Silver Spring, Maryland, Andalman & Flynn has forged a distinguished reputation for legal excellence. The firm represents individuals seeking disability benefits throughout the country and practices family law throughout Maryland and the District of Columbia. The firm focuses on cases that impact the rights of everyone, and are there for clients when responsive legal help is most critical. The firm has provided legal analysis on national and local television and radio, and their attorneys often testify before legislative bodies and are routinely invited to contribute to prominent legal publications. For more information about Andalman & Flynn, please visit the website at https://andalmanflynn.com/ or call 301.563.6685.