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Summary: Social Security Benefits
By The Associated Press
Tuesday, October 19, 2004 | 2 comment(s)
THE NEWS: More than 47 million Americans receiving Social Security will get a 2.7-percent increase - an extra $25, on average - in their monthly checks next year, the latest cost-of-living adjustment announced by the Social Security Administration.
BACKGROUND: This was the largest increase since benefits rose by 3.5 percent in 2001. A 2.1 percent increase went into effect at the beginning of this year.
THE OTHER SIDE: Advocates for the elderly said such protection still means that millions of people at the low end of the benefit scale will see no gain at all this year because the increase will be eaten up by the Medicare premium increase.
BACKGROUND: This was the largest increase since benefits rose by 3.5 percent in 2001. A 2.1 percent increase went into effect at the beginning of this year.
THE OTHER SIDE: Advocates for the elderly said such protection still means that millions of people at the low end of the benefit scale will see no gain at all this year because the increase will be eaten up by the Medicare premium increase.
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