The Social Security automatic cost-of-living adjustment for
December 2020 and the wage-indexed amounts for 2021 were
announced in the fall of 2020. More information on these
automatic adjustments is available.
The 2020.1 or 2020.2 versions of the Social Security Benefit
Calculator can be updated to include the newly announced
amounts. The amounts required for updating the 2020 versions
of the Social Security Benefit Calculator are as
- Cost-of-living adjustment for December 2020: 1.3 percent
- National average wage index for 2019: $54,099.99
- Contribution and benefit base for 2021: $142,800
- "Old-law" contribution and benefit base for 2021: $106,200
To update a 2020 version of the calculator, choose
Properties from the main menu, then Historical
Amounts, then Update. If the dialog box that appears
requests amounts for 2021, enter the above amounts.
If it requests amounts for 2022 or later, then the
amounts for 2021 computations have already been entered. In that
case, press Cancel, then choose Properties,
Historical Amounts, and Modify. In the dialog box
that appears, press Next Year or Previous Year
until it requests amounts for 2021 computations. Then enter the above
When you are ready to use the newly entered amounts, choose
Properties from the main menu, then Computation
Year. In the dialog box that appears, enter 2021.
The calculator will now produce 2021-style estimates, except that
the stored assumptions (from the 2020 or older Trustees Report) will
not be updated. To have a fully up-to-date calculator, you should
download the new version.