Syracuse (WSYR/ABC) -- Payouts to Social Security recipients haven't changed at all for the past two years, but that’s expected to change.
Beginning in January, Social Security recipients are likely to receive an almost three and a half percent cost-of-living increase. That means if retirees are receiving $10,000 per year, they’ll get an extra $350.
That's because the consumer price index, the measure of how much consumers pay for goods and services, is up considerably from last year.
So, as consumer prices go up, Social Security payments are revised to help seniors keep up with inflation.
Next week, the government will say how big of an increase seniors will get.
However, the increase will be partially offset for some seniors who will have to pay higher premiums for Medicare Part B, which covers doctor’s visits and outpatient care, among other services.
How it affects you depends on your income level, as premiums can vary.