About 61 million Social Security beneficiaries will receive a 2 percent increase to the cost of living allowance in January.
The Social Security Administration, in a fact sheet published in the website ssa.gov/news/press/factsheets/colafacts2018.pdf, said the increase was approved based on the Consumer Price Index from the third quarter of 2016 to the third quarter of 2017.
COLAs are intended to help senior citizens meet the costs of housing, rent and other essentials to survive.
However, the low increases over the past six years has according to senior citizen advocates, created an imbalance in COLA expectancies.
The last increase of 2 percent or higher was seen by retirees and beneficiaries in 2011 which saw a 3.6 percent hike.
COLAS between 2012 and 2016 were 1.7, 1.5, 1.7, 0 and 0.3, respectively.
The SSA states that the average retired worker receiving $1,377 per month now would get a boost to $1,404 effective January. An average retired couple with both people receiving benefits would see their monthly income go from $2,294 to $2,340.
The average disabled worker’s check will go from $1,173 to $1,197, while a disabled worker with a spouse or one or more children will go from $2,011 to $2,051.
An average widowed mother with two children will see an increase of $54 per month to $2,771.