Social Security benefits to rise 1.7 percent next year
The Social Security Administration said recipients will see a 1.7 percent cost of living adjustment, better known as COLA, beginning with the December benefits, which are paid in January. Credit: iStock
Social Security beneficiaries will receive a modest raise next year.
The Social Security Administration said recipients will get a 1.7 percent cost of living adjustment, better known as COLA, in their monthly benefits. The average increase means a raise of about $22 a month.
The COLA is computed yearly, based on government data involving how much all consumer prices have risen, which many senior advocates say understates the true cost of inflation faced by older adults.
This year's adjustment marks the third straight year the COLA is less than 2 percent. The average COLA since the adjustments were mandated in 1975 is 4 percent. The increase will begin with the December benefits, which are paid in January.
For more information, go to nwsdy.li/ssacola.
