WASHINGTON — Social Security benefits will go up by 3.6 percent next year, the first increase since 2009 for the one in five Americans who rely on government retirement and disability programs.
The higher benefits will provide relief to more than 60 million people, many who have seen their retirement accounts dwindle, home values drop and out-of-pocket medical costs rise in the years since the last raise.
Starting in January, 55 million Social Security recipients will get increases averaging $39 a month, or just more than $467 for the year.
In December, more than 8 million people who receive Supplemental Security Income, the disability program for the poor, will get increases averaging $18 a month, or about $216 for the year.
It may not sound like much, said Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare.
“But for millions of American seniors already suffering in this economy and facing years of rising costs and no cost-of-living increases, today’s COLA announcement lets them know there’s some relief around the corner.” AP