Social Security Announces 3.6 Percent Benefit Increase for 2012

October 19, 2011 Updated Oct 19, 2011 at 11:15 AM EDT

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Social Security Announces 3.6 Percent Benefit Increase for 2012

October 19, 2011 Updated Oct 19, 2011 at 11:15 AM EDT

The U.S. Social Security Administration announced Wednesday that more than 60 million Americans will receive a 3.6 percent increase in their monthly benefits beginning in 2012.

According to a news release, the 3.6 percent cost-of-living adjustment will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on December 30, 2011.

Read the Social Security Administration News Release HERE.