Social Security Cost of Living Increase Announced

Each year, the Social Security benefits are adjusted to fit the cost of living increase measured by the Consumer Price Index.

Starting in January 2013, Social Security checks will include a 1.7% cost of living adjustment (COLA).

In 2012, monthly Social Security payments averaged $1,130, or about $13,560 a year. A 1.7% increase will amount to approximately $19 a month, or just over $230 a year, on average.