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Social Security Benefits to increase 5.8% in 2009
Submitted by NHR on Sat, 10/18/2008 - 05:36
The Social Security Administration will be increasing the Social Security benefit by 5.8% for 2009. This benefit increase represents the annual Cost of Living Adjustment (COLA), and is the largest increase since 1982. The monthly benefit for retired workers will increase by $74/month to $1,153/month.
This increase reflects the larger than normal increases in cost of living expenses from the 3rd quarter of 2007 to 3rd quarter of 2008 in food, gas and other basic necessities.
