Social Security recipients to receive 2 percent increase startin - KTTC Rochester, Austin, Mason City News, Weather and Sports

Social Security recipients to receive 2 percent increase starting in 2018

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(NBC) -

Millions of Social Security recipients will get an increase in their benefits.

Friday morning, the Social Security Administration announced a 2 percent cost-of-living increase for next year. The increase would total to about $25 a month for the average beneficiary. It's the largest increase since 2012.

More than 70 million U.S. residents, including Social Security recipients, disabled veterans and federal retirees are affected. This equals out to about one in five Americans.

The average monthly Social Security payment is  $1,258, or about $15,000 a year.

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