Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 1.3 percent in 2021, the Social Security Administration has announced.

The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security beneficiaries in January 2021. Increased payments to more than 8 million Supplemental Security Income beneficiaries will begin on Dec. 31, 2020.