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[25 Oct 2012 | 2 Comments | 1,397 views]
Social Security benefits set to rise 1.7% in 2013

By Rachelle Younglai
WASHINGTON | Tue Oct 16, 2012 2:33pm EDT
(Reuters) – 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 $21 a month to a total of $1,261 per month, starting in January 2013 the Social Security administrator said. That amounts to $15,132 per year.
The administrator warned that for some beneficiaries, their Social …