The Latest: Social Security benefits to rise 2 percent
WASHINGTON (AP) — The Latest on Social Security’s cost-of-living increase (all times local):
Millions of Social Security recipients and other retirees will get a 2 percent increase in benefits next year. It’s the largest increase since 2012, but comes to only $25 a month for the average beneficiary.
The Social Security Administration announced the cost-of-living increase Friday.
The COLA affects benefits for more than 70 million U.S. residents, including Social Security recipients, disabled veterans and federal retirees. That’s about one in five Americans.
By law, the COLA is based on a broad measure of consumer prices generated by the Bureau of Labor Statistics. Advocates for seniors claim the inflation index doesn’t accurately capture rising prices faced by seniors, especially for health