WASHINGTON – Social Security recipients shouldnt expect a big increase in monthly benefits come January.
Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly benefits for retired workers now average $1,237, meaning the typical retiree can expect a raise of between $12 and $24 a month.
The size of the increase will be made official Tuesday.
The cost-of-living adjustment is tied to a government measure of inflation adopted by Congress in the 1970s. It shows that consumer prices have gone up by less than 2 percent in the past year.
This year, Social Security recipients received a 3.6 percent increase in benefits after getting no increase the previous two years.
Some of next years raise could be wiped out by higher Medicare premiums, which are deducted from Social Security payments.