Social Security recipients will get smaller increase than in past years

WASHINGTON — Millions of Social Security recipients will get a 2.5% cost-of-living increase to their monthly checks beginning in January, the Social Security Administration announced Thursday.

The cost-of-living adjustment, or COLA, for retirees translates to an average increase of more than $50 for retirees every month, agency officials said.

About 72.5 million people, including retirees, disabled people and children, get Social Security benefit.

But even before the announcement, retirees voiced concern that the increase would not be enough to counter rising costs.