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News Summary: Social Security checks to edge up

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The Associated Press | October 30, 2013 11:27 AM EST | AP


ANNUAL INCREASE: Social Security benefits for nearly 58 million people will increase by 1.5 percent next year, the government announced Wednesday. The increase is among the smallest since automatic adjustments were adopted in 1975.

HOW IT'S FIGURED: The annual cost-of-living adjustment, or COLA, is based on a government measure of inflation that was released Wednesday morning.

WHO IT AFFECTS: The COLA affects benefits for more than one-fifth of the country. In addition to Social Security payments, it affects benefits for millions of disabled veterans, federal retirees and people who get Supplemental Security Income, the disability program for the poor.