DESPITE THE PELOSI VIRUS - Social Security checks to increase by 1.3% in 2021.

Thank you President Trump.

Come January 2021, the roughly 70 million people who receive 
Social Security will see a 1.3% increase in their benefit 
payments to account for the rising cost of living, the Social 
Security Administration announced Tuesday.

That means the average monthly check for retirees will increase 
by $20 to $1,543, the agency said. However, the extra $20 a 
month for many seniors on low fixed incomes may not go as far 
they need, given the rising cost of groceries and other expenses 
as a result of the pandemic.

Meanwhile, the average monthly check for those receiving Social 
Security disability benefits will rise by $16 to $1,277.

The maximum Social Security check retirees can receive every 
month -- if they start collecting benefits at their full 
retirement age -- will go up by $137 to $3,148. The retirement 
age is now 67 for those born in 1960 or later.

The agency also announced new taxable income thresholds on which 
American workers will owe the 6.2% Social Security payroll tax.

Starting next year, the first $142,800 of one's wages will be 
subject to that tax, up from $137,700 currently.

For those who are self-employed, they would owe 12.4% in payroll 
taxes up to that amount because they would owe both the employee 
(6.2%) and the employer (6.2%) portions of the payroll tax. But 
they will get to deduct the employer portion on their federal 
income taxes.

https://www.cnn.com/2020/10/13/success/social-security-checks-
increase/index.html