Social Security Benefits Will Increase by 1.7 Percent in 2013
October 23rd, 2012
Monthly Social Security Retirement, Disability and Supplemental Security Income (SSI) benefits will increase 1.7 percent in 2013.
This Cost of Living Adjustment (COLA) starts in January and is calculated based on a measure of inflation.
Social Security payments for retired and disabled 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.
Supplemental Security Income (SSI) benefits will increase to $710 a month for an individual and $1,066 a month for a couple.
Some of next year’s COLA for Social Security retirement and disability recipients could, however, be eliminated by higher Medicare premiums, which are deducted from Social Security payments.
In 2012 the COLA for Social Security recipients was a 3.6 percent increase in benefits. The previous two years there was no COLA.
For more information on how COLA is calculated, please click here.