WASHINGTON (AP) — Social Security recipients won't be getting big benefit increases next year, but the small raises they will receive are playing an important role in helping seniors grow their incomes even as younger workers lose ground.
Preliminary figures show the annual benefit boost will be between 1 and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly benefits for retired workers average $1,237, meaning the typical retiree can expect a raise of between $12 and $24 a month.
The size of the cost-of-living adjustment, or COLA, will be made official Tuesday, when the government releases inflation figures for September.
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