orangeleader.com (Orange, Texas)

Government

October 16, 2012

Social Security benefits to go up by 1.7 percent

(Continued)

WASHINGTON —

Most older Americans rely on Social Security for a majority of their incomes, according to the Social Security Administration. Over the past decade, the COLA has helped increase incomes for seniors, even as incomes have dropped for younger workers.

From 2001 to 2011, the median income for all U.S. households fell by 6.6 percent, when inflation was taken into account, according to census data. But the median income for households headed by someone 65 or older rose by 13 percent.

 

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