Wednesday, October 17, 2012

Social Security Benefits To Go Up

Social Security Benefits To Go Up, The automatic payment increase, which starts in January, is one of the smallest since 1975. Social Security benefits to go up by 1.7 percent, More than 56 million Social Security recipients will see their monthly payments go up by 1.7 percent next year.

The increase, which starts in January, is tied to a measure of inflation released Tuesday. It shows that inflation has been relatively low over the past year, despite the recent surge in gas prices, resulting in one of the smallest increases in Social Security payments since automatic adjustments were adopted in 1975.

Social Security payments for retired workers average $1,237 a month, or about $14,800 a year. A 1.7 percent increase will amount to about $21 a month, or $252 a year, on average.

Social Security recipients received a 3.6 percent increase in benefits this year after getting none the previous two years.

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