Average Social Security Benefit Increases to $1,229 per Month

The first Social Security cost of living adjustment (COLA) since 2009 will go into effect in January 2012.

Social Security beneficiaries will receive a 3.6 percent cost of living adjustment beginning in January.  This 3.6 percent increase is equivalent to an average of $43 per month for each program participant.

This is welcome news to 55 million program beneficiaries—many of whom are largely reliant on Social Security.

After the increase, the average monthly Social Security benefit will be $1,229.

The increase will cost the government roughly $28 billion.

Source: Bloomberg

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