Social Security Benefits to Go Up By 1.5 Percent 10/30/13
WASHINGTON - It's an increase that will mean an additional $19 a month for the average retiree on Social Security.
The government says benefits for nearly 58 million people will increase next year by 1.5 percent. It's a figure that comes from a government measure of inflation -- and it's among the smallest since automatic adjustments were adopted in 1975.
An official with AARP says the increase will "quickly be consumed by the rising costs of basic needs like food, utilities and health care."
The COLA affects benefits for more than one-fifth of the country. In addition to Social Security payments, it affects benefits for millions of disabled veterans, federal retirees and people who get Supplemental Security Income, the disability program for the poor.