The new cost of living adjustments, or COLA, is out for 2021 and nearly 70-million Americans will be receiving a 1.3-percent increase in their Social Security benefits.

Jack Myers with Social Security on the WHOW Morning Show Thursday indicates these increases are measured by the Department of Labor's Consumer Price Index increase in federal benefits for cost-of-living.

According to Myers, when the Social Security cost of living adjustment is announced, people often wonder about the Medicare Part B premiums since it is deducted from the Social Security payment. He points out Medicare Part B also recently announced its standard premiums for '21.

Notices have gone out about this year's cost of living adjustments. According to Myers, you do not need to contact Social Security to claim your increase, this is something that takes place automatically.

socialsecurity.gov is where you can find more information about this year's cost of living adjustment and visit your 'My Social Security' account to find the electronic notice of this year's adjustment.