Filed under: Economizer
Millions of senior citizens breathed a sigh of relief when the Social Security Administration announced that due to inflation it would be increasing payments by 3.6% in 2012 -- the first cost-of-living adjustment since 2009.
So what exactly does this increase amount to? Not a whole lot.
The average expected benefit for a retiree in January 2012 is a meager $1,229, and that's including the recent increase. That works out to $14,748 a year, or a bit more than $7.37 an hour for a typical...