WASHINGTON, D.C. -- Social Security benefits are going up for nearly 58 million people.
The government announced Wednesday that the benefits will increase by 1.5 percent next year.
The annual cost-of-living adjustment, known as COLA, is based on a government measure of inflation.
This year's increase is the smallest since automatic adjustments were adopted in 1975.
Social security pays retired workers an average of $1,272 a month. A 1.5 percent raise comes to about $19.
The amount of wages subject to social security taxes is also going up.
Social security is funded by a 12.4 percent tax on the first $113,700 in wages earned by a worker, with half paid by employers and the other half withheld from workers' pay.
The wage threshold will increase to $117,000 next year, the social security administration said.