What to know about the Social Security cost-of-living adjustment

By CORA LEWIS
Associated Press

NEW YORK (AP) — Tens of millions of older Americans will see a modest increase in benefits in January when a new cost-of-living adjustment is added to Social Security payments. The 3.2% raise is intended to help meet higher prices for food, fuel, and other goods and services. The average recipient will see an increase of about $54 per month. That’s according to government estimates. Its a smaller percentage than last year, because consumer prices have eased, and the adjustment is tied to the Bureau of Labor Statistics Consumer Price Index.