Small Social Security Cost of Living Adjustment (COLA) Increase for 2013
October 21, 2012
Will Social Security Checks go up or down? It is that time of year again – October – when Social Security announces its cost-of-living adjustment (COLA) for the following year. The COLA in 2012 was 3.6%.
Unfortunately the news will not be as good for next year. Social Security is expected to announce a 1.4% COLA increase for 2013. For many seniors this news is particularly troubling because any additional income they may see will just be eaten up by a higher Medicare Part B premium.
If you or someone you know has questions about Social Security, Medicare or Medicaid benefits, e-mail or call us at ABRAMS LANDAU, Ltd. (703-796-9555).