The Social Security Administration has announced that Benefits for nearly 56 million recipients will rise 1.7% in 2013.
This increase is based upon inflation projections. Though one of the lowest increases in history, at slightly less than half of this year’s increase of 3.6%, it is higher than no increase, which was the case in 2010, and 2011.
We’ve mentioned it before here, but just a reminder that Social Security no longer sends the yearly statement of would-be social security benefits, if you are under 60 years of age. Instead, workers must log on to Social Security’s secure website, www.ssa.gov, and complete an online form to access the information electronically, or call the SSA directly to inquire.