Wednesday, October 19, 2011
Good news for retirees -
“Monthly Social Security and Supplemental Security Income (SSI) benefits for more than 60 million Americans will increase 3.6 percent in 2012, the Social Security Administration announced today.”
The SSA has also announced that for 2012 –
“. . .the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $110,100 from $106,800.”
This is the first COLA increase in Social Security benefits since 2009.
There is no word yet on the increase in the Medicare Part B premium withheld from Social Security benefits.