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$4 a month? Social Security recipients to get tiny increase

October 19, 2016

social security 10Thanks to Gordon Lau for sharing this article

Millions of Social Security recipients and federal retirees will get a 0.3 percent increase in monthly benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises. The adjustment adds up to a monthly increase of less than $4 a month for an average recipient.

The cost-of-living adjustment, announced by the government Tuesday, will affect more than 70 million people – about 1 in 5 Americans. For recipients, the average monthly Social Security payment now is $1,238.

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