Social Security benefits to jump by 5.8 percent - WKOW 27: Madison, WI Breaking News, Weather and Sports

Social Security benefits to jump by 5.8 percent

WASHINGTON (AP) -- Social Security benefits for 50 million people will be going up by 5.8 percent next year, the largest amount in more than a quarter-century.

  The increase, which will start in January, was announced Thursday by the Social Security Administration. It will mean an additional $63 per month for the average retiree.

  The increase is the largest since a 7.4 percent jump in 1982 and is more than double the 2.3 percent rise that retirees got in their monthly checks starting in January of this year.

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