Washington, D.C. (NBCNC) – Millions of Social Security recipients will get an increase in their benefits.
Friday morning, the Social Security Administration announced a 2% cost-of-living increase next year.
It’s the largest increase since 2012 but comes to only about $25 a month for the average beneficiary.
More than 70 million U.S. residents, including Social Security recipients, disabled veterans and federal retirees are affected. That’s about one in five Americans.
The average monthly social security payment is $1,258, or about $15,000 a year.