Social Security recipients to get tiny increase in benefits

Next year's benefit hike will be small because inflation is low, driven in part by lower fuel prices

money generic

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.

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.

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.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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