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How much will Social Security payments increase next year?

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    Steve Centanni reports from Washington, D.C.

  • Duration 2:11
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-- tens of millions of people on Social Security are learning just how much they will get in their paychecks next year this dollar figure come -- Annually and it is now out -- Steve Centanni joins us now from Washington.

So will they see an increase in those checks that come in and out for Social Security's.

Yes they -- Martha the word just coming out within the hour they'll go of one point 7% which is right in the range that economists were predicting.

This is tied to the rate of inflation which -- is just released this morning by the Bureau of Labor Statistics.

So with a low inflationary becomes a slight increase in those Social Security checks.

56 million recipients of Social Security.

C -- checks going just a little bit about it and it's about a half of what last year's increase was so it's it's down considerably.

This is among the lowest increases since automatic annual adjustments were adopted back in 1975.

And reflects very low inflation so here's a look of this year.

Compared with recent years in terms of that -- cost of living increase since the average the Social Security of a recipient a retired person.

Takes home about 12137.

Dollars a month this is this one point seven -- entries will amount to about 21 dollars a month extra.

Last year the cola was 3.5 percent giving each person about 43 dollars a month.

And for two years before that for 2010 into an eleven there was no increase whatsoever.

Martha and went back doesn't go too far over the course of a month.

But that's what it is so who else is affected by this -- -- cost of living -- Steve well you have the 56 million people getting Social Security another eight million on supplemental security income they'll also get that one point 7% increase.

There's that low inflation is in line by the way with the Federal Reserve's inflation target.

Modest inflation of course leaves consumers with more money to spend which could -- the economy.

And meantime and finally the Social Security Administration also announcing today the maximum amount of earnings subject to the Social Security tax will go up.

2113.

1700.

It was 1101100.

North -- thank you you --

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