Social Security checks for nearly 49 million Americans are going up by 3.3 percent in 2007, which will mean an extra $33 per month in the average check.
The cost of living adjustment means that the monthly benefit for the typical retired worker in 2007 will go from $1,011 currently to $1,044 next year.
The cost of living adjustment, or COLA, announced by the Social Security Administration will go to more than 53 million people. Nearly 49 million receive Social Security benefits and the rest Supplemental Security Income payments aimed at the poor.
The 3.3 percent increase compares to a 4.1 percent rise in monthly benefits for 2006, which had been the biggest increase in 15 years. Starting in 1975, the benefit payments have been adjusted each year to keep up with inflation. The COLA amount is based on the rise in the Consumer Price Index in the July-September quarter of this year compared to the same quarter in 2005.
The cost of living adjustment means that the monthly benefit for the typical retired worker in 2007 will go from $1,011 currently to $1,044 next year.
The cost of living adjustment, or COLA, announced by the Social Security Administration will go to more than 53 million people. Nearly 49 million receive Social Security benefits and the rest Supplemental Security Income payments aimed at the poor.
The 3.3 percent increase compares to a 4.1 percent rise in monthly benefits for 2006, which had been the biggest increase in 15 years. Starting in 1975, the benefit payments have been adjusted each year to keep up with inflation. The COLA amount is based on the rise in the Consumer Price Index in the July-September quarter of this year compared to the same quarter in 2005.
Source: The Associated Press, October 18, 2006