For the third straight year, millions of older Americans who
rely on government benefits can expect historically small pay increases come
January.
Preliminary figures suggest the annual cost-of-living adjustment
for Social Security recipients, disabled veterans and federal retirees will be
less than 2 percent.
That translates to a raise of about $20 a month for the typical
Social Security beneficiary.
The government is scheduled to announce the increase Wednesday,
when it releases the latest measure of consumer prices.
By law, the increase is based on inflation, which is well below
historical averages so far this year.
More than 70 million people receive benefits affected by the
annual increase.
The average monthly Social Security payment is a little less
than $1,200 a month.
