Monthly Social Security Check Amounts to Increase
1.7 percent cost-of-living adjustment
Seniors will get a 1.7% increase in their monthly Social Security payments in 2013, one of the smallest cost-of-living adjustments since the automatic annual increase in benefits took effect in 1975.
The Social Security Administration on Tuesday announced the 1.7% COLA, which is based on the rate of inflation. It is the sixth time since 1975 that the adjustment has been less than 2%. This year, retirees received a 3.6% increase after receiving no increase the previous two years.
Seniors receive an average of $1,237 a month, meaning the increase will add about $21 a month to their checks, according to the agency. However, the Social Security Administration warned that "for some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums."
Hide Comments (0)
Editor's Note: As of February 29, 2024, commenting privileges on reason.com posts are limited to Reason Plus subscribers. Past commenters are grandfathered in for a temporary period. Subscribe here to preserve your ability to comment. Your Reason Plus subscription also gives you an ad-free version of reason.com, along with full access to the digital edition and archives of Reason magazine. We request that comments be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of reason.com or Reason Foundation. We reserve the right to delete any comment and ban commenters for any reason at any time. Comments may only be edited within 5 minutes of posting. Report abuses.
Please
to post commentsMute this user?
Ban this user?
Un-ban this user?
Nuke this user?
Un-nuke this user?
Flag this comment?
Un-flag this comment?