Social Security: What older Americans should know about the new cost-of-living adjustment
Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments. The 3.2% raise is intended to help meet higher prices for food, fuel, and other goods and services. The average recipient will see an increase of about $54 per month, according to government estimates. That is a smaller percentage than last year, because consumer prices have eased, and the COLA is tied to the Bureau of Labor Statistics Consumer Price Index. Still, Kathleen Romig, director of Social Security and Disability Policy at the...
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