Social Security benefits will rise 5.8% in 2009, the largest rate increase since 1982, the government announced Thursday.
Among all retired workers, average monthly Social Security benefits will rise to $1,153 from $1,090, an increase of $63. Read details about changes.
The hefty adjustment will be good news for retirees who have been hit hard by the recent financial turmoil. The Congressional Budget Office recently estimated that plummeting assets may have wiped out about $2 trillion from pensions over the past year and a half.
The adjustment in payments is meant to help beneficiaries keep up with rising cost of living, and is based on data from the consumer price index released by the Labor Department Thursday.
The rate hike will raise benefits for the more than 55 million Social Security and Supplemental Security Income beneficiaries. A year ago the cost of living adjustment was 2.3%.
For the more than 50 million Social Security beneficiaries, the adjustment begins with benefits received in January. Higher payments to the more than 7 million Supplemental Security Income beneficiaries begin Dec. 31.
The government also said Thursday that the maximum amount of earnings subject to the Social Security tax will increase to $106,800 in 2009 from $102,000 this year. About 11 million will pay higher taxes as a result of the increase.
Source: Marketwatch
Among all retired workers, average monthly Social Security benefits will rise to $1,153 from $1,090, an increase of $63. Read details about changes.
The hefty adjustment will be good news for retirees who have been hit hard by the recent financial turmoil. The Congressional Budget Office recently estimated that plummeting assets may have wiped out about $2 trillion from pensions over the past year and a half.
The adjustment in payments is meant to help beneficiaries keep up with rising cost of living, and is based on data from the consumer price index released by the Labor Department Thursday.
The rate hike will raise benefits for the more than 55 million Social Security and Supplemental Security Income beneficiaries. A year ago the cost of living adjustment was 2.3%.
For the more than 50 million Social Security beneficiaries, the adjustment begins with benefits received in January. Higher payments to the more than 7 million Supplemental Security Income beneficiaries begin Dec. 31.
The government also said Thursday that the maximum amount of earnings subject to the Social Security tax will increase to $106,800 in 2009 from $102,000 this year. About 11 million will pay higher taxes as a result of the increase.
Source: Marketwatch
2 comments:
We've been saved!
Let's NOT lump SSI with any of the Social Security or SSDI's ok.
Because Social Security has not had a raise in 25 years and SSI/SSP gets a C.O.L.A., each year.
In California for instance, a person that never worked a day in their life get's SSI (Federal) & SSP (State) at $907 a Month per Individual and $1,560 for a couple.
A Person can get SSI & SSP for Depression from Meth addiction or Alcoholism. Or, Anxiety from these two plagues. I know hundreds upon hundreds of these very people.
SSI & SSP NEVER PAYS A PENNY OF TAX.
SSI & SSP Can own a home of Any Size or Value Whatwoever.
Saying that ALL SSI/SSP's are poor is an oxymoron, because most the stat's show Own their homes Free & Clear.
And, the HR-3221 & HR-1851 allow's SSI/SSP's to get a Section 8 Housing Choice Homeownership loan, and it's a really super special loan where they pay very little each month.
They never pay any income taxes, federal taxes or state taxes.
They get completely free-> MediCare Part 'D', MediCal, MediCaid, Vision, Dental, Medicines, EMS, Convelescent care, IHSS and the IHSS can be one or the other SSI/SSP's within the household that just signs a paper saying they will cook for the other and get another check for around an average of $300 a month.
Are their follow-ups for people to see if they are able-bodied to work after they 'Get Onto' SSI/SSP. Hardly! It's a piece of paper mailed out every 10 years that the SSI/SSP check's the boxes, whether it's true or not, and mails back and that's good for another 10 years.
I don't know anyone that get's on SSI/SSP that ever gets off.
Except that IF a 'head of household' is on SSI/SSP, the Entire Family/Relatives within that household will also get a SSI & SSP check with all the above mentioned fringe benefits too, tax free.
A foreigner can come here, have a Sponser, go to an SSA office, Apply & Qualify for SSI & SSP for the rest of their life, no work needed because they cannot speak or read English.
Any mail carrier can attest to households that get a One Inch thick stack each month of SSI and SSP checks or thicker.
Many are not born here at all.
A couple can come here from say, China, and Apply & Qualify based upon the fact they are 65 plus for SSI & SSP, and get it and Section 8 and all the rest too.
If Obama is 'eyeballing' cuts to Seniors or Boomers that have been paying in for 20 and 30 and 40 years to pay it out to SSI's and SSP's that don't have to bother to pay taxes or work, then he better look at SSI's & SSP's too.
I did the US Census 2000 in my tiny mountain community. Out of 256 people, only 16 people had EVER worked.
All on SSI & SSP. All in inherited homes worth $450,000 and up on an average of 25 acres.
Not all these poor SSI's and SSP's are pathetically ill or poor.
Their entire family goes to college scott free pocketing any proceeds from FafsaPell and CalGrant.
I have watched my Dad work himself almost to death for many years. He's paid his taxes and never gotten anything free.
If he does not get his Social Security & Medicare there will be a very huge Class Warfare in America.
I will start with my lazy worthless neighbors sitting around collecting SSI & SSP by saying "we're Depressed don't ya' know, ha,ha,ha,ha,"
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