Social Security benefits will increase in 2012 for the first time in two years, the Associated Press reports.
According to experts, the 55 million recipients should see their benefits go up by about 3.5 percent and the Social Security Administration is expected to make the official announcement in conjunction with the release of the annual COLA, or cost of living adjustment, on Wednesday, the wire said.
Currently, the average monthly benefit is $1,082, and a 3.5 percent increase would mean $38 more in benefits every month, or about $455 per year. And as the AP also reports, there was no COLA in the last two years due to low inflation.
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