SOCIAL SECURITY BENEFITS TO INCREASE
Social Security recipients will get a 2.8 percent cost-of-living adjustment (COLA) in monthly benefits beginning in January. The average individual retired Social Security beneficiary is expected to see a monthly benefit jump from $1,422 to $1,461. The estimated monthly increase is $39, or $468 a year.
Is the Social Security retirement age going up?
Yes. It has already increased from 65 to 66 and will be going to 67. These changes were mandated by Congress in 1983 as part of a law that strengthened Social Security's finances. Congress cited improvements in the health of older people and increases in life expectancy as reasons for raising the retirement age.
Currently, 66 is the full retirement age for people born between 1943 and 1954. Starting with people born in 1955, it will inch upward, rather than jumping right to 67. A person born in 1955 will have to be 66 and 2 months to be considered at full retirement age, someone born in 1956 will have to be 66 and 4 months, and so on. A person born in 1960 or later will reach full retirement age at 67.
Raising the age further is one of many possible changes to Social Security being discussed in Washington