Are Social Security Benefits Going to Increase?
Posted on Aug 28, 2017
According to AL.com, Social Security is set to increase givings by 2.2 percent for "cost-of-living." This is the biggest increase in benefits since 2011.
On average, each Social Security recipient will receive $30 more a month. Out of the 62 million Americans withdrawing from Social Security, nine out of ten are 65 and older. Retired workers receive $1,360, and disabled workers, as well as their dependents, receive $1,171 a month.
Last year, recipients received a .3 percent increase to monthly benefits which equated to about $5 extra dollars a month. The last large increase to Social Security happened in 2012 when there was a 3.6 percent increase to benefits.
The Consumer Price Index adjusts the "cost-of-living" for Social Security. Social Security receives a small increase if any increase at all when inflation is low.
Congress is now giving the same amount of benefits to veterans and military retirees.
The official increase to Social Security "cost-of-living" will be released in October.