Social Security Administration Announces COLA Increase
On Oct. 16, the Social Security Administration (SSA) announced the 2013 cost of living adjustment (COLA) of 1.7 percent. The COLA increase will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million Supplemental Security Income beneficiaries will begin on Dec. 31, 2012. This will increase the monthly benefits received by 62 million people in the U.S. who receive benefits such as SS retirement or SSI disability.