Recipients to get small increase

Associated Press

WASHINGTON

Millions of Social Security recipients and federal retirees will get a 0.3 percent increase in monthly benefits next year, the fifth year in a row that older Americans will have to settle for historically low raises. The adjustment adds up to a monthly increase of less than $4 a month on average.

The cost-of-living adjustment, announced by the government Tuesday, will affect more than 70 million people. For recipients, the average monthly Social Security payment now is $1,238.

Unfortunately for some seniors, even the small increase will probably be wiped out by an expected increase in Medicare Part B premiums.