The increase starts in January and is part of a cost-of-living adjustment, or COLA, increase. As a result of a low rate of inflation the 2013 amount is one of the smallest increases in Social Security payments since automatic adjustments were adopted in 1975.
Unfortunately, some of next year's COLA could be leveled by higher Medicare premiums, which are deducted from Social Security payments. The Medicare Part B premium, which covers doctor visits, is expected to rise by about $7 per month for 2013.
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