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Wednesday
Oct192011

Seniors Will See a Little More in Their Social Security Checks

Comstock/Thinkstock(WASHINGTON) -- The Social Security Administration announced Tuesday that benefits would be boosted starting in January for the first time since 2009.

It's expected that the increase will be around 3.5 percent.

At present, the average is $1,175 a month. With the increase, recipients will see about an extra $38. The current maximum is $2,346 a month, or $541 a week.

Senior citizens who receive federal benefits did not get cost-of-living adjustments (COLA) during the past couple of years because inflation was so low.  But due to a sharp jump in consumer prices, the government is adjusting retirees’ paychecks to help offset rising inflation.

There's just one problem: Medicare premiums will also rise next year meaning that the small bump in Social Security checks will have to go toward paying increased healthcare costs.

Copyright 2011 ABC News Radio

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