Lower gas prices affecting Social Security benefits - KWWL - Eastern Iowa Breaking News, Weather, Closings

Lower gas prices affecting Social Security benefits

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WASHINGTON, D.C. (NBC) -

Millions of people can expect no increase in Social Security benefits next year and they can blame gas prices.

By law, the annual cost of living adjustment is based on how the government measures inflation, which is being dragged down by lower prices at the pump.

About 60 million retirees, workers with disabilities, spouses and children, get Social Security benefits. The average monthly payment is about $1,200.

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