The Social Security Administration announced Wednesday a 1.7 percent cost-of-living adjustment that will affect the monthly benefits of 58 million older Americans beginning next year.
The COLA increase will amount to about $20 a month for the typical Social Security recipient. The average monthly payment today is $1,192.
Supplemental Security Income -- the disability program for the poor -- will also increase by the same amount for another 8 million beneficiaries on Dec. 31. The increase is based on inflation, which is well below historical averages so far this year.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
