Retirement, Medicare | featured news

Social Security retirement benefits for nearly 62 million Americans will go up 1.7 percent next year, the Social Security Administration said on Tuesday, a small increase that may not cover rising premiums for the Medicare elderly health insurance program.

Millions of retired and disabled people in the United States had better brace for another year with no increase in Social Security payments....

By law, Social Security benefits can't decline. But because premiums for the Medicare drug program are expected to increase 11% next year, seniors who have those premiums deducted from their benefits will see a drop in payments, says Barbara Kennelly, president of the National Committee to Preserve Social Security and Medicare.