Monthly benefits for nearly 62 million recipients of Social Security and Supplemental Security Income will increase 1.7 percent in 2013, the Social Security Administration said Tuesday.
The 1.7 percent cost-of-living adjustment will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. That is only about half of the 3.6 percent COLA increase in 2012, but better than the lack of an increase in 2010 and 2011. Increased COLA payments for more than 8 million SSI beneficiaries will begin on Dec. 31, 2012.
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