The AP reports that Social Security recipients will receive a 3.6% cost of living adjustment for 2012. It has been two years since the last increase for recipients.
About 8 million people who receive Supplemental Security Incomewill also receive the 3.6 percent cost-of-living adjustment, or COLA, meaning the announcement will affect about one in five U.S. residents.
Monthly Social Security payments average $1,082, or about $13,000 a year. A 3.6 percent increase will amount to about $39 a month, or just over $467 a year, on average.