WASHINGTON (AP) – 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.READ MORE: Police: 14 Injured In Shooting In Downtown Austin, 2 Suspects At Large
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.READ MORE: 5 People, Including 4-Year-Old, Shot Outside Dallas Apartment, Police Say
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.MORE NEWS: Dallas County Considering Cash, Other Prizes To Get More People Vaccinated
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