Tuesday, October 4, 2011

Social Security payments to increase in 2012

The Social Security Administration has announced that monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.

The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.

The COLA is usually determined by comparing the third-quarter consumer price index with the previous year’s third quarter. However, this year the comparison will be with the third quarter of 2008.  Monthly Social Security and Supplemental Security Income (SSI) benefits did not automatically increase in 2010 or 2011 since there was no increase in the Consumer Price Index from the third quarter of 2008, the last year a COLA was determined. See the social Security Information Fact Sheet at http://www.ssa.gov/pressoffice/factsheets/colafacts2011.pdf

Unfortunately, the benefits of the COLA increase in 2012 may be offset by an increase in Medicare premiums. 

More Information:

1 comment:

JM said...
This comment has been removed by a blog administrator.