Washington, DC-(Effingham Radio)- People receiving Social Security benefits will see a smaller cost-of-living increase than the past two years.
On Thursday, the Social Security Administration announced the annual cost-of-living adjustment for next year will be three-point-two-percent. The adjustment means the average monthly payment for retirees will be a little more than 19-hundred dollars come January. Benefits saw the biggest boosts since the 1980s the previous two years due to inflation. Last year recipients received an increase of five-point-nine-percent while this year saw an increase of eight-point-seven-percent.
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