Social Security recipients getting a raise in January

The raise is expected to be 3.5%. We’ll find out for sure Wednesday.

Some of the increase in January will be lost to higher Medicare premiums, which are deducted from Social Security payments. Medicare Part B premiums for 2012 are expected to be announced next week, and the trustees who oversee the program are projecting an increase.

Monthly Social Security payments average $1,082, or about $13,000 a year. A 3.5% increase would amount to an additional $38 a month, or about $455 a year.

Most retirees rely on Social Security for more than 90% of their income.

The COLA was enacted in the 1970”s (before the Tea Party and the current GOP craziness.

[Associated Press]

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About Featheriver

Born and raised in Oklahoma. Improved in California. Out to pasture in Nevada. Born in 1933, Korean War Vet in USAF. Occupation: Criminal Law and Torts. Retired California Lawyer. Now live in Pahrump, Nye County, Nevada.
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