Preliminary figures show the annual benefit boost will be between 1 percent and 2 percent, which would be among the lowest since automatic adjustments were adopted in 1975. Monthly benefits for retired workers now average $1,237, meaning the typical retiree can expect a raise of $12 to $24 a month next year.
The size of the increase will be official this week, when the government releases inflation figures for September.
The cost-of-living adjustment, or COLA, is tied to a government measure of inflation adopted by Congress in the 1970s. It shows that consumer prices have gone up less than 2 percent the past year.
This year, Social Security recipients received a 3.6 percent increase in benefits after getting no increase the previous two years.
Some of next year's raise could be wiped out by higher Medicare premiums, which are deducted from Social Security payments. The Medicare Part B premium, which covers doctor visits, is expected to rise about $7 per month for 2013, according to government projections.
The premium is currently $99.90 a month for most seniors. Medicare is expected to announce the premium for 2013 in the coming weeks.
Source: Associated Press
The information contained in this article does not constitute a recommendation, solicitation, or offer by D2 Capital Management, LLC or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service. D2, its clients, and its employees may or may not own any of the securities (or their derivatives) mentioned in this article.
The Jacksonville Business Journal has ranked D2 Capital Management in
the top 25 of Certified Financial Planners in Jacksonville
D2 Capital Management is a Member of the Southside Businessmen's Club and the Beaches Business Association
D2 Capital Management is a Member of the Southside Businessmen's Club and the Beaches Business Association
No comments:
Post a Comment