Social Security body says retirement benefits in US to rise 1.7% next year
October 18, 2012, 12:06 am TWN
WASHINGTON -- Social Security retirement benefits for nearly 62 million Americans will go up 1.7 percent next year, the Social Security Administration said on Tuesday, a small increase that may not cover rising premiums for the Medicare elderly health insurance program.
The average Social Security benefit will rise about US$21 a month to a total of US$1,261 per month, starting in January 2013 the Social Security administrator said. That amounts to US$15,132 per year.
The administrator warned that for some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.