Social Security Wages Rise for 60 Million Recipients

Benefits to rise by about $20 in January.
2:25 | 10/23/14

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Transcript for Social Security Wages Rise for 60 Million Recipients
Okay. It's Thursday October 23 the market's New York are open in today's big number sixteen million that. It's tough security recipients will be getting a benefit increase coming this January but. Just how big is that increase Mo here with details on Dan Butler New York. And the answer to that market analyst Danielle Douglas gave her from the Washington Post any other Thursday morning to you. Good morning so sixteen million a lot of Americans depending on that bit the what's the increase than actually on this. The increase is actually just about one point 7%. Which. Isn't pretty low considering that for about 35 years that increases generally above 2%. But there couple of factors at play here as to why it's been this low. The increase is based on inflation which is below historical averages hence the small number and then the other factor. Is the Consumer Price Index which it measures prices on housing clothing. And for the three months that they gather the measured in order to do this increase all of those measures were pretty much down so hence the reason that we're getting a smaller number. And the smaller number breaking down to what about twenty dollars a month. The didn't know about the I mean that's barely enough to cover medication for a lot of folks who rely on their Social Security. And and so are they admit everyone across the board and of the 69 they get a beating the same increase. There it it infects people differently of their about. I think four million veterans will receive this increase about 2.3 million federal retirees and their beneficiaries who are receive this. An at a number of people think another eight million people who aren't Social Security that'll get it so it's a large swath of the folks who get Social Security income. But it's not the entire. Across the board population. OK and villagers and a half of the market's looking this morning. They're pretty wild so farther up right now I think a part of it has to do GM's earnings as well as Caterpillar's earnings so they've been trending up its. Rebound from last week after seeing all those dismal numbers so we're in a good place. We'll be in a good place we'll have to see if that's gonna continue Gyanendra but a 170 points there's so. We'll wait to see Washington Post market analyst Danielle Douglas gave real Daniel thank you so much appreciated thank you and of course you can keep up with the latest headlines right here on abcnews.com. Even watching the big number I'm Democrats are in New York.

This transcript has been automatically generated and may not be 100% accurate.

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