Social Security Benefits to Jump 1.4% for 2003
From Times Wire Reports
The nation’s 46 million Social Security recipients will get the smallest increase in their benefit checks in four years in January, a 1.4% bump. That’s an extra $13 a month for the typical retiree.
About one-third of that will be eaten up by an increase in monthly Medicare premiums.
The announcement of Social Security’s modest cost-of-living adjustment, coupled with word that monthly Medicare premiums next year will go up by $4.70, to $58.70, left many retirees worried about paying their bills.
Many already have found themselves in trouble because declines in stock prices this year have wiped out trillions of dollars in investments.
