Social Security Check Pay-Outs to Increase in January 2012
BY: Community Papers of WNY Staff | November 01, 2011
Recipients of Social Security benefits will receive a cost of living adjustment of 3.6 percent as of January 2012. About 55 million retirees will benefit.
Those who receive Social Security may only see a small increase in their checks, however, because Medicare B premiums are expected to go up.
It is expected that a person receiving the average monthly Social Security benefit, currently $1,177, should receive a check for $1,218. The Medicare Part B premiums are predicted to rise by at least $10.20 a month, reducing the annual COLA increase from 3.6 to 2.63 percent for a person receiving the average check.
“When you consider that Social Security beneficiaries have not had an increase in two years and during that time gas prices have skyrocketed, so the cost of everything which has to be delivered to a store has also gone up, the COLA increase is definitely needed,” said Jeffrey Freedman, senior partner, Jeffrey Freedman Attorneys at Law.