Another year, another small Social Security bump

Oct 18, 2014 10:52 AM by News Staff

WASHINGTON (AP) - For the third straight year, millions of older Americans who rely on government benefits can expect historically small pay increases come January.

Preliminary figures suggest the annual cost-of-living adjustment for Social Security recipients, disabled veterans and federal retirees will be less than 2 percent.

That translates to a raise of about $20 a month for the typical Social Security beneficiary.

The government is scheduled to announce the increase Wednesday, when it releases the latest measure of consumer prices.

By law, the increase is based on inflation, which is well below historical averages so far this year.

More than 70 million people receive benefits affected by the annual increase.

The average monthly Social Security payment is a little less than $1,200 a month.

Copyright 2014 The Associated Press. All rights reserved.


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