Social Security announces 2021 COLA increases
October 13, 2020
The Social Security Administration has announced a 1.3% increase in SSA and SSI payments for 2021.
For Annual Recertification’s effective January 1, February 1 and March 1, you can do one of the following:
1.Continue to use only what is reported in EIV; or
2.Use the SSA benefit award letter provided by the resident that shows the COLA increase (as long as it is within 120 days of receipt by owner.) SS/SSI will send recipients a COLA notice in December 2020 or residents may obtain this via their personal Social Security account at www.socialsecurity.gov/myaccount. This notice will show the new amount they will receive. If you choose to use this notice as a 3rd Party Verification, please remember to date stamp the notice when you receive it from the tenant, as there is no date on the actual notice; or
3.Use the current verified income and add the 1.3% COLA increase. If you use this method, remember to document the file to indicate that the COLA was included in the Annual Income determination.
For recertifications effective April 1 or later, EIV should be updated by this time to reflect the increase.
For more information on the COLA: 2021 COLA Increase