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Letter to the editor

Rising costs crimp raise

By Times Wires
Published October 18, 2007

In January, Social Security benefits will inch up 2.3 percent, or an extra $24 a month on average, the smallest increase in four years. The cost-of-livingadjustment is based on the change in consumer prices from July to September compared to last year. Rising food and medical prices were offset by moderate changes in big-ticket items andeasing gas prices. But oil's surge above $89 a barrel signals a likely spike in gas prices and heating oil. "Social Security recipients are going to feel like they are getting squeezed," said Mark Zandi, economist at Moody's Economy.com.

2.3 %Social Security cost of living increase in 2008.

3.1 % 2008 increase for Medicare premiums, which will eat a big slice of the higher Social Security payouts.

$1,055 Average monthly benefit for typical retired worker this year.

50-million Social Security beneficiaries nationwide.

3.4-million Beneficiaries in Florida.

550,000 Beneficiaries in the Tampa Bay area.

10,000 Estimated number of people a day who will become eligible for Social Security benefits over the next two decades.

2017 The year Social Security is slated to start paying out more benefits than it collects.

2041 The year the Social Security fund will be depleted if no changes are made.

[Last modified October 18, 2007, 00:59:27]