"...Social Security benefit payments will rise by only 1.7 percent in 2013, down sharply from a 3.6 percent increase in 2012's cost of living adjustment (COLA). That boost followed two years of no COLA increase. The Social Security Administration said next year's COLA would raise the average monthly benefit payment by $21, to $1,261 from $1,240.
For people still working, the COLA increase will also translate into a higher earnings ceiling for Social Security payroll taxes..."
