Tens of millions of Social Safety recipients and different retirees will get a 2 % improve in advantages subsequent yr. It’s the most important improve since 2012, however involves solely $25 a month for the typical beneficiary.
The Social Safety Administration introduced the fee-of-dwelling improve Friday.
The COLA impacts advantages for greater than 70 million U.S. residents, together with Social Safety recipients, disabled veterans and federal retirees. That’s about one in 5 People.
By regulation, the COLA is predicated on a broad measure of shopper costs generated by the Bureau of Labor Statistics. Advocates for seniors declare the inflation index doesn’t precisely seize rising costs confronted by seniors, particularly for well being