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Thursday, October 20, 2011

Social Security 2012: The Good News and The Bad News

The good news is the announcement by Social Security that the rate of payment will increase 3.6% The bad news that Part B Medicare premiums will offset the payment.

Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012.

The 3.6 percent cost-of-living adjustment (COLA) will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.

The Social Security Administration also noted that for some beneficiaries, the increase in Social Security benefits next year “may be partially or completely offset by increases in Medicare premiums.”

For an in depth analysis read the NY Times article.



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