Social Security Going up 2.3%
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
WASHINGTON — Come January, Social Security benefits for nearly 50 million Americans are going up 2.3%, the smallest increase in four years. It will mean an extra $24 a month in the average check, the government announced today.
The cost of living adjustment means that the monthly benefit for the typical retired worker in 2008 will go from $1,055 currently to $1,079 next year.
The adjustment, announced by the Social Security Administration, will go to more than 54 million Americans. Nearly 50 million receive Social Security benefits and the rest get Supplemental Security Income payments aimed at helping the poor.
The adjustment, announced by the Social Security Administration, will go to more than 54 million Americans. Nearly 50 million receive Social Security benefits and the rest get Supplemental Security Income payments aimed at helping the poor.
The 2.3% increase is the smallest since a 2.1% rise in 2004. It compares to an increase of 3.3% last year and a jump of 4.1% in 2006, which had been the biggest advance in 15 years.
The COLA is based on the change in consumer prices from the July-September quarter of this year compared to the same period last year. Benefit payments have been tied to inflation since 1975.