WASHINGTON – Social Security recipients shouldn’t expect a big increase in monthly benefits come January.
Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly benefits for retired workers now average $1,237, meaning the typical retiree can expect a raise of between $12 and $24 a month.
The size of the increase will be made official Tuesday, when the government releases inflation figures for September. The announcement is unlikely to please a big group of voters – 56 million people get benefits – just three weeks before elections for president and Congress.
The cost-of-living adjustment, or COLA, is tied to a government measure of inflation adopted by Congress in the 1970s. It shows that consumer prices have gone up by less than 2 percent in the past year.
WOW! An extra $12.00 a month for Gramma!
How much of that $12.00 is going to the cost increase of Medicare for Gramma?
How much of that $12.00 is going for doctor co-pays?
How much of a “pay” increase will congress vote themselves?
How could they say consumer prices had risen less than 2%.Who are these people who come up with these “figures”?Are they smoking crack?!
I know MY cost of living went up a HELL of a lot more than 2%!