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Published:Thu, 05 Apr 2012 06:38:18 -0700
JEFFERSON CITY — Missouri employers would be barred from identifying workers by the last four digits of their Social Security numbers under a bill in the state Senate. Missouri ......
Published:Wed, 04 Apr 2012 21:11:53 -0700
Eggs long have been a symbol of new life in the spring. In America, the Easter egg hunt finds its roots in the 1700s when German immigrants brought the tradition to Pennsylvania. ......
Published:Wed, 04 Apr 2012 00:03:45 -0700
Retirement » 12 FAQs On Social Security BenefitsDr. Don Taylor, Ph.D., CFA, CFP, has been advising Bankrate readers for 13 years. A topic that frequently comes up is Social Secur......
Published:Wed, 04 Apr 2012 07:02:45 -0700
Dear Dr. Don, I am 60, and my wife is 62½. We both worked and will get our own Social Security benefits. My benefit at 62 will be $1,500, and hers is $1,100. I am still working, ......
Published:Wed, 04 Apr 2012 09:17:22 -0700
Dr. Don Taylor, Ph.D., CFA, CFP, has been advising Bankrate readers for 13 years. A topic that frequently comes up is Social Security. People want to know the best strategy for cl......
Social Security Payments In 2012
There is good news for Americans that receive Social Security and Supplemental Security Income (SSI) benefits because there will be a Cost-of-Living-Adjustment (COLA) increase for 2012.
It was recently announced that the the COLA increase for 2012 will be 3.6%. The increase in payments will begin December 30, 2011 for about 8 million SSI beneficiaries and during the month of January for the nearly 55 millions Social Security beneficiaries.
This means that after two years of no increase, Social Security recipients will get an increase in their monthly Social Security benefits.
Many retired people are very dependent on Social Security and have counted on an increase in COLA over the years, so this is very good news.
Federal law requires that the Social Security Administration base annual Social Security payments on the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers, which measures inflation.
The inflation in the third quarter of each year is compared to the inflation during the same period in the previous year. If inflation is negative, then there is no increase in the Social Security payments. That is what happened for the past two years.
Unfortunately, regardless of what the forumla displays, the real cost of living is going to go up and is definitely affecting seniors on a fixed income.
Due to the increase in average wages the maximum earnings amount subject to Social Security taxes will increase from $106,800 to $110,100. About 10 million people out of around 161 million workers will pay higher Social Security taxes because of the increase in the taxable maximum.
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