Americans receiving Social Security can expect a small increase in their benefits next year, marking the second straight year benefits have risen at only a modest rate.
Benefits for disabled veterans, federal retirees and other recipients of Social Security will increase roughly 1.5 percent next year, according to analysis by AP. The increase would be one of the smallest since 1975.
While Social Security payments have continued during the government shutdown, the official determination of program’s Cost of Living Adjustment (COLA) has been delayed indefinitely. Roughly 58 million people — retirees, disabled workers and families — receive Social Security benefits and will be affected by the adjustment, whenever it comes.
[AP]