Social Security Benefits Set to Rise in 2013:
Social Security Benefits in America are set to rise during the next calendar year, but not as much as most Americans depending on the benefits had hoped.
The Social Security Administration recently revealed that millions of Americans utilize on-line access to view their potential benefits via their “My Social Security” accounts. The accounts provide Americans qualifyied for social security benefits a secure estimate of Social Security benefits. Users will be unhappy to see that the cost of living increase for next year will likely be much lass than the cost of living bump they received during the 2012 calendar year.
Social Security Benefits and Cost of Living:
According to the American Institute for Economic Research, the cost of living increase for 2013 is estimated to be approximately 1.6 percent. The cost of living increase for 2012 was 3.6 percent. The expected rise in the 2013 cost of living rate will likely be less than half of the increase of 2012. Many seniors depending on Social Security Benefits as their primary source of income will be hard pressed to account for expenses next year as a result of the lower than expected cost of living increase.
Specifics pertaining to the actual cost of living rate for 2013 will post via the Labor Department after October 16, 2012. After this date, the department will calculate its final cost of living adjustment which will lead to the announcement for the 2013 cost of living increase rate.