A 1.3 percent cost-of-living adjustment (COLA) is effective beginning January 1, 2021. The average monthly Social Security benefit is $1,543 (vs $1,523 in 2020) for a retired worker. The average monthly benefit is $1,277 (vs $1,261 in 2020) for a disabled worker.
Social security tax applies on wage and salary income up to $132,800. Workers receive a work credit for $1,470 of wage and salary income each quarter. They may earn four work credits each calendar year.
These changes are included in the 2021 fact sheet at: