Social Security Raise

By: Summer Knowles
By: Summer Knowles

October 14, 2005

A raise is in store for the nation's more than 50 million Social Security recipients.

The Social Security Administration has announced an increase by 4.1 percent for monthly social and supplemental security income benefits for 2006. For the more than 50 million Americans receiving social security, on average the raise will mean an extra $39 a month. The raise is attributed to a hike in the cost of living, and is part of an automatic, annual increase based on the rise in the consumer price index.

"This is one of the larger increases we've seen in the last decade," said Michael Weakland, Regional Director for the Social Security Administration. "The last time we've seen an increase that was at least as large as this was in 1991 at which point it was 5.4 percent."

Recipients can expect a raise in their monthly check come January.

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