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Tuesday, October 16, 2012

Right on forecast

Social Security will go up by 1.7% next year. Not nearly enough to cover increasing costs for everything from healthcare to food and gas. Younger readers may not react to this story but realize, these increases are compounding so any low year will carry forward to the time you will be collecting. See excerpt below.  Ken

NEW YORK (CNNMoney) -- Social Security benefits will rise by 1.7% next year, which won't be quite enough to cover the increase in prices over the last year.
The increase announced by the government Tuesday is less than half of the 3.6% rise in benefits that beneficiaries received this year. But it's better than the previous two years, when benefits did not rise at all.