WASHINGTON (AP) – Millions of Social Security recipients and other retirees can expect another small increase in benefits next year.
Preliminary figures suggest an increase of around 2 percent. That would mean an extra $25 a month for the average beneficiary.READ MORE: Texas Secretary Of State's Office Announces Full Forensic Audit Of 2020 General Election in Four Texas Counties
The Social Security Administration is scheduled to announce the cost-of-living adjustment on Friday. The annual increase hasn’t topped 2 percent since 2012.
By law, the annual cost-of-living adjustment, or COLA, is based on a broad measure of consumer prices generated by the Bureau of Labor Statistics.READ MORE: Feds Make New Recommendations To Texas To Prevent Deadly Power Outages From Happening Again
Advocates for seniors claim the inflation index doesn’t accurately capture rising prices faced by seniors, especially for health care.
The COLA affects benefits for more than 70 million Americans, including Social Security recipients, disabled veterans and federal retirees.MORE NEWS: Sunnyvale Credits 'Small-Town Values' For Incredible Vaccination Rate
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)