UPDATE: Social Security benefits to increase by 1.7 percent - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

UPDATE: Social Security benefits to increase by 1.7 percent

Posted:

WASHINGTON (WKOW) -- More than 56 million Social Security recipients will see their monthly payments increase by 1.7 percent in January.

The increase was announced Tuesday when the government released a key measure of inflation, which determines whether people who receive Social Security get a cost-of-living adjustment, or COLA.

About 8 million people who receive Supplemental Security Income will also receive the 1.7 percent COLA, meaning the announcement will affect about one in five U.S. residents.

The increase is among the lowest since automatic annual adjustments were adopted in 1975. It reflects relatively low inflation over the past year. This year's increase was 3.6 percent.

Social Security payments for retired workers average $1,237 a month, or about $14,800 a year.

********

WASHINTON (WKOW)-- More than 56 million Social Security recipients will soon find out how much their monthly payments will go up next year.

The increase is tied to a government measure of inflation being released Tuesday morning. Preliminary figures indicate the increase will be between 1 and 2 percent. That rate is among the lowest since automatic annual adjustments were adopted in 1975.

The small increase reflects relatively low inflation over the past year. This year's increase was 3.6 percent. Social Security payments for retired workers average $1,237 a month, or about $14,800 a year. About 8 million people who receive Supplemental Security Income will also receive the increase, meaning the announcement will affect about one in five U.S. residents.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact News Director Dan Schillinger at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.