With Social Security barreling toward insolvency, the government is increasing benefits in January.
On Wednesday, the Social Security Administration (SSA) announced that retirees will receive a 3.6 percent increase in Social Security benefits next year. The raise, which was unveiled shortly after the Bureau of Labor Statistics reported consumer prices rose 3.7 percent year over year in September, will amount to an increase of $75 per month for the average beneficiary. It also represents a cost-of-living adjustment (COLA) that will be 0.8 percentage points higher than last year's, which was 2.8 percent, and 0.9 percentage points higher than what was projected by the Social Security Trustees, according to the Committee for a Responsible Federal Budget.
