Benefits for more than 60 million Social Security recipients will go up next year by a mere 0.3 percent, the Social Security Administration announced Tuesday.
This is the smallest cost-of-living adjustment (COLA) since automatic raises began in the mid-1970s. And it comes after recipients received no bump up in benefits for 2016 because inflation was so low.
For retired workers the average monthly benefit in January will go up $5 to $1,360. But beneficiaries will likely find this small sum eaten up by higher premiums for Medicare Part B, which covers doctor and outpatient hospital visits, experts say.
by Eileen Ambrose