WASHINGTON (AP) — More than 56 million Social Security recipients will see their monthly payments go up by 1.7 percent next year.
The increase, which starts in January, is tied to a measure of inflation released Tuesday. It shows that inflation has been relatively low over the past year, resulting in one of the smallest increases in Social Security payments since automatic adjustments were adopted in 1975.
This year, Social Security recipients received a 3.6 percent increase in benefits after getting none the previous two years.
About 8 million people who receive Supplemental Security Income will also receive the cost-of-living adjustment, or COLA, meaning the announcement will affect about 1 in 5 U.S. residents.
Social Security payments for retired workers average $1,237 a month, or about $14,800 a year. A 1.7 percent increase will amount to about $21 a month, or $252 a year, on average.
Social Security also provides benefits to millions of disabled workers, spouses, widows, widowers and children.