So­cial Se­cu­rity re­cip­i­ents to see a tiny in­crease in ben­e­fits

Daily Freeman (Kingston, NY) - - NATION+WORLD -

Mil­lions of So­cial Se­cu­rity re­cip­i­ents and fed­eral re­tirees will get only tiny in­creases in ben­e­fits next year, the fifth year in a row that older Amer­i­cans will have to set­tle for his­tor­i­cally low raises.

There was no in­crease this year. Next year’s ben­e­fit hike will be small be­cause in­fla­tion is low, driven in part by lower fuel prices.

The fed­eral gov­ern­ment an­nounced a 0.3 per­cent cost-of-liv­ing in­crease in monthly ben­e­fits next year on Tues­day morn­ing. By law, the COLA is based on a gov­ern­ment mea­sure of con­sumer prices. .

The aver­age monthly So­cial Se­cu­rity pay­ment is $1,238. The ad­just­ment adds up to a monthly in­crease of less than $4 a month for an aver­age re­cip­i­ent.

More bad news: Medi­care Part B pre­mi­ums, which are usu­ally de­ducted from So­cial Se­cu­rity pay­ments, are ex­pected to in­crease next year to the point in which they will prob­a­bly wipe out the en­tire COLA.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.