While Social Security payments are going up, you probably will not be celebrating if you’re like most recipients because your monthly check will only grow by 1.7 percent.
Following the announcement by the Social Security Administration that the Cost of Living Adjustment would increase by less than 2%, 88 year old retired Army Air Corps Sargent. Russel Schaller told City Island Images "they have been beating me to death since I retired"
While most seniors aren't happy with the small size of their increase, most agree that every bit helps. However another senior says if she had a 5 to 10% increase, that would be okay, but adds that a small increase is better than no increase at all.
The automatic yearly Cost of Living adjustment is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, a calculation the Bureau of Labor Statistics uses to track inflation. Social Security paid benefits to some 60.4 million people in 2011.
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