Social Security Beneficiaries Receive COLA

5:50 PM, Oct 16, 2012   |    comments
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WASHINGTON, DC (WUSA) -- The more than 56 million Americans receiving Social Security are getting a raise. 

But, it's one of the lowest raises since the Social Security Administration started making an annual cost of living adjustment back in 1975.

Payments will go up by 1.7 percent come January.  The current average payment is $14,800 a year which breaks down to about $1,237 a month.

The increase will mean an additional $17.30 a month. 

For comparison, this year's adjustment was 3.6 percent. 

One in five U.S. residents receive some form of Social Security.

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