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Social Security benefits set to rise 1.7% in 2013

25 October 2012 1,411 views 2 Comments

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 Security increase may be partially or completely offset by increases in Medicare premiums.

“While this modest increase will help, much of the (cost-of-living adjustment) will be consumed by health care and prescription costs, which continually outpace inflation,” said the AARP, an influential advocacy group for the elderly.

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