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4 Changes to Social Security You Probably Didn't Know

4 Changes to Social Security You Probably Didn't Know

Each year, Social Security beneficiaries are eligible for a cost-of-living adjustment, or COLA. Rather, each year, inflation data is analyzed to determine if benefits should increase so that seniors are able to maintain their buying power. Because inflation didn't rise all that much toward the end of 2020, in 2021, Social Security recipients got a 1.3% COLA.