Millions of Social Security recipients will see a 2.8 percent cost-of-living increase in their monthly checks next year, the agency said Friday.
The ongoing government shutdown delayed the annual COLA announcement, which is tied to the consumer price index, by about a week. On Friday, the Bureau of Labor Statistics said prices rose 3 percent in September, year-over-year, compared with 2.9 percent in August.
The COLA means a senior who collects the monthly average of nearly $2,000 will see an additional $56 come January.
While the increase is in line with overall inflation for the year, it trails categories that are particularly relevant to older adults. Friday’s CPI reading showed that medical care climbed 4 percent from a year earlier, while electricity and piped gas jumped 5 and 11.7

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