More than 56 million Social Security recipients will see their monthly payments increase by 1.7 percent in January.
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The increase was announced Tuesday when the government released a key measure of inflation, which determines whether people who receive Social Security get a cost-of-living adjustment, or COLA.
About 8 million people who receive Supplemental Security Income will also receive the 1.7 percent COLA, meaning the announcement will affect about one in five U.S. residents.”
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