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SS checks rise 2.1% - lowest in a decade

The 44 million Americans getting Social Security checks will see them grow by just 2.1 percent next year, the lowest cost-of-living raise in a decade.

Social Security Commissioner Kenneth Apfel said Thursday the cost of living adjustment, or COLA, means the average monthly check for retirees will rise by $16 to $765."It is low, but that's the direct result of low inflation and that is extremely good news for all Americans, particularly those on fixed incomes," said Apfel.

The maximum monthly payment for 6.5 million low-income individuals receiving Supplemental Security Income also will rise 2.1 percent, boosting their checks by $10 to $494. For a couple, the maximum goes to $741 from $726.