steven
October 14th, 2005, 09:47 AM
By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) -- More than 48 million Americans will get a 4.1 percent increase in their monthly Social Security checks next year, the largest increase in more than a decade. For the average retiree, it will mean an increase of $39 a month.
The cost of living adjustment, or COLA, was announced Friday by the Social Security Administration. It will be the biggest increase since a 5.4 percent gain in 1991. The increase last January was 2.7 percent.
The inflation adjustment is based on the amount prices - as measured by the Consumer Price Index - have risen in the July-September quarter compared with the same period a year ago. Rising energy costs have driven inflation sharply higher this year, including a record monthly surge in energy costs in September related to the Gulf Coast hurricanes.
The average Social Security benefit recipient will see his or her monthly check increase from $963 this year to $1,002 next year.
http://hosted.ap.org/dynamic/stories/S/SOCIAL_SECURITY?SITE=NYBUE&SECTION=HOME
AP Economics Writer
WASHINGTON (AP) -- More than 48 million Americans will get a 4.1 percent increase in their monthly Social Security checks next year, the largest increase in more than a decade. For the average retiree, it will mean an increase of $39 a month.
The cost of living adjustment, or COLA, was announced Friday by the Social Security Administration. It will be the biggest increase since a 5.4 percent gain in 1991. The increase last January was 2.7 percent.
The inflation adjustment is based on the amount prices - as measured by the Consumer Price Index - have risen in the July-September quarter compared with the same period a year ago. Rising energy costs have driven inflation sharply higher this year, including a record monthly surge in energy costs in September related to the Gulf Coast hurricanes.
The average Social Security benefit recipient will see his or her monthly check increase from $963 this year to $1,002 next year.
http://hosted.ap.org/dynamic/stories/S/SOCIAL_SECURITY?SITE=NYBUE&SECTION=HOME