MW:Social Security benefits set to rise 1.7% in 2012
By Jeffry Bartash
WASHINGTON (MarketWatch) - Americans who receive Social Security can expect about a 1.7% increase in their monthly checks next year, based on the latest report on consumer inflation. That amounts to about $18.75 extra in each check for the average Social Social recipient getting about $1,130 a month. The consumer price index (CPI-W) rose by 1.7% in the 12-month period of September 2011 to September 2012, the Labor Department said Tuesday. Annual increases in Social Security's cost-of-living adjustment are tied to the CPI-W. The higher level of benefits, meant to keep up with inflation, will kick in on Jan. 1. Last year, Social Security recipients got a 3.6% increase amid spiking gasoline and food costs. Yet prices have tapered off in 2012, leading to a lower increase in the cost-of-living adjustment. Seniors did not get any increase in 2010 and 2009.
