Yes, there is a cost of living increase for social security in 2021. The COLA in 2021 & nbsp ; equals 1.3% COLA for 2020 was 1.6%. While we don’t yet know what the increase will be for 2022, it looks like it could be a bit higher than in recent years. Commodity prices have risen quite rapidly over the course of 2021, so the COLA for 2022 will likely reflect this rise in inflation.