Released: October 18, 2006

Social Security payments to rise 3.3% in ‘07

Source: By Martin Crutsinger, Associated Press [USA Today]

Social Security checks for nearly 49 million Americans are going up 3.3% in 2007, a smaller percentage than this year, the government announced Wednesday.

The cost of living adjustment will translate into an average monthly increase of $33 for the typical retired worker, pushing the average monthly benefit from $1,011 currently to $1,044.

The cost of living adjustment (COLA) announced Wednesday by the Social Security Administration will go to more than 53 million people. Nearly 49 million receive Social Security benefits and the rest Supplemental Security Income (SSI) payments aimed at the poor and disabled.

The average retired couple, both receiving Social Security benefits, will see their monthly check go from $1,658 to $1,713.

The standard SSI payment will go from $603 a month for an individual to $623, and from $904 to $934 for a couple.

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