Social Security and Supplemental Security Income recipients will see a 2.7 percent bump in their benefits starting in 2005 under a cost of living adjustment announced Tuesday.
The COLA for Social Security recipients will begin with benefits received in January 2005, while increased payments to Supplemental Security Income beneficiaries will begin on Dec. 30, the Social Security Administration said. The increase means that the average retired worker receiving Social Security will see their monthly benefits rise from $930 to $955 next year, while an aged couple both receiving benefits will see their benefits inch up from $1,532 to $1,574 monthly. The standard SSI payment will go from $564 per month to $579 per month for an individual and from $846 to $869 for a couple.
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