Social Security cost-of-living adjustment could be 1.3% in 2021

Social Security cost-of-living adjustment could be 1.3% in 2021  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, SEP 16, 2020 YOUR WEALTH Editor's Note This fall will bring a host of big changes and decisions: We'll pick a president, we're hopeful that a vaccine will finally tamper down the raging coronavirus and let our battered economy get back on track, and we're all waiting to see if football legend Tom Brady will amount to anything with Tampa Bay. Given all that, it's easy to overlook one major change that affects millions of older Americans – the annual Social Security payment adjustment. Not to worry: CNBC's Lorie Konish has it covered. Preliminary numbers aren't that reassuring, however, as the boost may be one of lowest ever, just 1.3% That's a particularly bitter pill for so many people who rely on the popular benefits program for a big chunk of their income in retirement, especially with unexpected medical bills stemming from Covid-19. Whatever the final figure, rest assured CNBC will keep you informed, from Social Security claiming strategies to how to minimize the taxes you pay on benefits. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Join CNBC Events at the next @Work CFO Spotlight on Sept. 23, where finance leaders discuss striking the balance of weathering the storm while planning for the future. Featured guests include former CFOs from Coca-Cola, Gilead, Goldman Sachs and more. Learn more by clicking here. Jim Pavia @JIMPAVIA Social Security cost-of-living adjustment could be 1.3% in 2021 Retirees who count on Social Security checks for income might be disappointed when the annual cost-of-living adjustment is announced next month. One group estimates 2021 benefits might go up by 1.3%, one of the lowest increases in recent years. Here's how homeowners can prepare for insurance claims after Hurricane Sally As the slow-moving storm heads toward several states along the Gulf of Mexico, there may be steps you can take to prepare yourself for the possibility of having to file an insurance claim due to damage to your home. Looking to reverse that withdrawal from your retirement account? Here's how to fix it and save on taxes Savers were allowed to skip the 2020 required minimum distribution from their retirement accounts. Those who already took the withdrawal had until Aug. 31 to return it. What to do if you missed the deadline. As lawmakers point fingers over stimulus stalemate, experts say Americans need more aid now Americans in need of more federal financial aid may have to wait until after Election Day before a deal is done. Experts say that targeted assistance would help people and the economy now. These people won't get Trump's $300 unemployment benefit Hundreds of thousands of workers won't be eligible to receive a $300 weekly boost to unemployment benefits provided by the Lost Wages Assistance program. Here's who doesn't make the cut. Lots of IPOs are hitting the market this week. Why you should invest with caution Even with a strong IPO market, it's still important to approach any new offering with caution rather than buy into the hype, experts say. The private student loan market has grown. During the pandemic, its borrowers see little relief People with federal student loans have been told they don't need to make payments until next year. But those with private student loans find themselves in a trickier situation. Still haven't filed your 2019 tax return? Penalties are about to get steeper If you haven't filed for an extension to submit your 2019 income tax return and you still owe Uncle Sam, the minimum penalty you'll face — in addition to the tax owed — is about to go up. What you should know. As the GOP's 'skinny' coronavirus relief bill fails in Senate, a CFP weighs in on 'creating your own stimulus' With the Senate failing to advance the narrower coronavirus relief package Thursday, one certified financial planner has advice for the millions of Americans anticipating some sort of aid: Make a 'financial report card.' A Tale of Two Semis "In the technology sector, you aren't rewarded for focusing on valuation to the degree you're rewarded for buying growth potential ..." CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS