WASHINGTON (WKOW)-- Social security recipients won't be getting a big benefit increase next year, but the small raises they will get, help out.
Preliminary figures show the annual benefit boost will be between 1 and 2 percent, which is one of the lowest, since automatic adjustments were adopted in 1975. Monthly benefits for retired workers average $1,237, meaning the typical retiree will get an extra $12- $24 a month.
The size of cost-of-living adjustment will be made official Tuesday, when the government releases inflation numbers for September.
From 2001 to 2011, household incomes in the U.S. dropped for every age group except one: those 65 and older.
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