Social Security benefits to go up in 2009

Older Americans will get a 5.8 percent increase in their Social Security benefits next year. It will be the largest hike in 26 years, according to AARP.

At 5.8 percent, the 2009 cost of living adjustment is the highest since 1982. The reason for this, AARP says, is rising inflation. On a more positive note, the standard Medicare premium for 2009 will remain unchanged from $96.40. Premiums will rise only for single people earning more than $85,000 annually, or for couples earning more than $170,000.