WASHINGTON (AP) — Millions of Social Security recipients and other retirees can expect another small increase in benefits next year.
Preliminary figures suggest an increase of around 2 percent. That would mean an extra $25 a month for the average beneficiary.
The Social Security Administration is scheduled to announce the cost-of-living adjustment on Friday. The annual increase hasn’t topped 2 percent since 2012.
By law, the annual cost-of-living adjustment, or 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 care.
The COLA affects benefits for more than 70 million Americans, including Social Security recipients, disabled veterans, and federal retirees.
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