Nearly 3,000,000 people who draw old-age or survivor pensions under federal Social Security last week got a raise—their first since 1939. The raise looked big —it averaged 77%—but actually it did little more than cover the rise in the cost of living (73.4%) since 1939. Monthly checks will now average $46 a person.

For 7,000 retired employees of General Electric, who also draw company pensions, there was added good news. G.E. voluntarily increased pension payments by about $24 to $49 a month.


Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!