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Wednesday
Oct302013

Social Security Benefits to Rise 1.5% Next Year

iStock/Thinkstock(WASHINGTON) -- The millions of Americans who receive Social Security benefits will see their payments increase by just 1.5 percent in 2014, the Social Security Administration announced on Wednesday.

While this cost-of-living adjustment (COLA) may be disappointing to many beneficiaries, the small rise is due to low inflation. Price rises on many things have been under control.

Next year's increase is among the smallest since automatic adjustments began in 1975, a time of really high inflation.

Copyright 2013 ABC News Radio