Small Increase Likely In Social Security Benefits

Seal of the United States Social Security Admi...

Seal of the United States Social Security Administration. It appears on Social Security cards. (Photo credit: Wikipedia)

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.

Read more: http://readingeagle.com/article.aspx?id=421002

One comment on “Small Increase Likely In Social Security Benefits

  1. 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%!

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