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U.S. Social Security payouts up 2% in January

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U.S. retirees will be happy to see their Social Security benefits rise in 2018.

The 2 percent cost-of-living adjustment is welcome news for the more than 66 million retirees who did not see any increase in their 2016 benefits, and got a boost of just three-tenths of a percent in this year’s benefit.

Those who also qualify for a Supplemental Social Income (SSI) benefit will see it increased by the same percentage.

Social Security annual increases have tied to the consumer price index since 1975, even for retirees living abroad and enjoying a lower cost of living.

The boost is the highest since a 3.6 percent bump in 2012. The average person, who receives $15,000 a year, will get about $25 more a month.

The Social Security Board of Trustees projected in July that this year’s increase would be slightly higher, at 2.2 percent.

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