Expect tiny '13 Social Security benefit increase

8:45 PM, Oct 14, 2012   |    comments
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WASHINGTON - Social Security recipients shouldn't expect a big increase in monthly benefits come January.

Preliminary figures show the pay raise will be between 1 percent and 2 percent, which will be among the lowest since automatic adjustments were adopted in 1975

The raise will be made official Tuesday, when the government releases inflation figures for September.

The cost-of-living adjustment is tied to a government measure of inflation adopted by Congress in the 1970s. It shows that consumer prices have gone up by less than 2 percent in the past year.

Monthly benefits for retired workers average $1,237, meaning the typical retiree can expect a raise of between $12 and $24 a month.

This year, Social Security recipients got 3.6 percent increase in benefits. That came after two years with no increase.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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