IRA will increase Social Security benefits in 2012 for the first time in 3 years

>IRA will increase Social Security benefits in 2012 for the first time in 3 years Senior citizens in the United States are expected to receive an increase in Social Security benefits for the first time in two years. Social Security Administration...

IRA to increase 2012 Social Security benefits for first time in 3 years Senior citizens in the United States are expected to receive the first increase in Social Security benefits in two years. The Social Security Administration recently announced that retired seniors will receive a cost-of-living adjustment of approximately 3.5% to 3.7% starting in January next year. The government usually adjusts the cost of living adjustment (COLA) of Social Security benefits based on an inflation index. Because inflation has been very low in recent years, beneficiaries have not seen a cost-of-living adjustment increase since 2009, when they received a 5.8% increase. However, most seniors likely won't receive the full cost-of-living adjustment increase because foreseeable interest rate increases in Medicare premiums will eat up part of the increase. Health insurance premium increases could reach double digits, with details to be announced next month. Social security benefits play a vital role in maintaining a normal life for the elderly. Nearly 55 million Americans received benefits, averaging nearly $1,200 a month in checks. The increase in cost-of-living adjustments translates into an increase of approximately $41 per month. According to statistics from the Social Security Administration, social security benefits account for approximately 41% of an elderly person's income. But for 22% of married couples and 43% of singles, Social Security benefits account for 90% of their monthly income.