Millions of Social Security recipients and federal retirees will get a 0.3 percent increase in monthly benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises. The adjustment adds up to a monthly increase of less than $4 a month for an average recipient.
The cost-of-living adjustment, announced by the government Tuesday, will affect more than 70 million people — about 1 in 5 Americans. For recipients, the average monthly Social Security payment now is $1,238.
Unfortunately for some seniors, even the small increase will probably be wiped out by an expected increase in Medicare Part B premiums, which are usually deducted from Social Security payments.
What Are Your Thoughts?
