Seniors will receive a cost of living adjustment for the first time since 2009.
For the first time since 2009 Social Security recipients will receive a 3.6 percent benefits increase in 2012, the Social Security Administration announced today. There are currently 55 million Social Security recipients that will benefit from this increase. Additionally, about 8 million individuals receiving Supplemental Security Income will also receive the cost of living adjustment. Fox News reports that this increase will affect about 1 in 5 US residents.
Monthly social security payments currently average $1,082 per month or about $13,000 per year. The increase will amount to about $39 per month or about $467 per year.
But some of the increase will reportedly be lost to an increase in Medicare premiums that are deducted directly from Social Security payments. The amount of the increased Medicare premiums will be released next week.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.