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1.7% Raise Set for U.S. Social Security Beneficiaries

October 17, 2012

Washington – Starting January 2013, recipients of United States Social Security will receive a 1.7 percent benefit increase, reports said.

The decision was announced on Tuesday and was said to be the result of the government’s 3.6 percent inflation measure from the previous year. Reports said the given figure was relatively low.

Additionally, the said inflation raise will gauge if Social Security recipients also qualify for cost-of-living-adjustment (COLA).

Meanwhile, it is estimated that one out of five Americans will be affected by the decision. This is based on the 8 million Supplemental Security Income beneficiaries who are set to receive the 1.7 percent COLA.

Reports added that this is the lowest benefit raise since the adoption of the automatic annual adjustments in 1975.

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