The 2013 Cost of Living (COLA) increase has been estimated by the Federal Government as it works on next years budget.
The Cost of Living increases are based off from the consumer price index – basically the value of household goods over the 3rd quarter of the year. The estimated increase was based off from the 2nd quarter and is 1.3 percent increase. For those receiving social security that’s a significant decrease from last years increase of well over 3 percent.
It is important to note that the 1.3 percent increase is just an estimate of how much people on social security will get in 2013 and the official numbers come out in October.