WASHINGTON – Millions of Social Security recipients and federal retirees will get only tiny increases in benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises.
There was no increase this year.
Next year’s benefit hike will be small because inflation is low, driven in part by lower fuel prices.
The federal government is scheduled to announce the cost-of-living adjustment, or COLA, Tuesday morning. By law, the COLA is based on a government measure of consumer prices.
Analyses by experts and The Associated Press suggest a COLA of less than 1 percent
The average monthly Social Security payment is $1,238. That adds up to a monthly increase of maybe $3 or $4 a month.