Social Security Benefits Get Tiny Raise

Social Security recipients will get a 1.7 percent cost-of-living bump starting in January, the Social Security Administration announced. For the average retired person receiving the benefit, monthly payments will rise $22 to $1,328, from $1,306. The average couple's benefits will go to $2,176 from $2,140. The maximum beneft for a single worker at full retirement age will creep up to $2,663 in 2015, from $2,642. The increase will affect almost 64 million Americans. About 10 million people will pay higher taxes because of the increase in the taxable maximum.