The press office of the Social Security Administration announced yesterday that the 60 million Americans who are recipients of Social Security and Supplemental Security Income (SSI) benefits will get a cost of living increase in 2012.  There were no cost of living increases in 2010 and 2011.

The increase, which is called a Cost of Living Adjustment (COLA), will be 3.6 percent. The increase will go into effect for SSI beneficiaries on December 30, 2011 and for Social Security beneficiaries in January 2012.   Information about Medicare changes for 2012, when announced, will be available at the website for Medicare. For some beneficiaries, their Social Security increase may be partially or completely offset by increases in Medicare premiums.

Social Security benefits represent about 41% of the income of the elderly. Nine out of ten individuals age 65 and older receive Social Security benefits, making social security the major source of income for most of the elderly population.

* The information contained in this Blog is intended for general information and educational purposes only and does not constitute legal advice or an opinion of counsel.