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Social Security and Supplemental Security Income Benefits to Increase

There is good news for individuals receiving Social Security or Supplemental Security Income benefits – beginning in January, they will receive a 5.8 percent increase in benefit payments.

The 5.8 percent increase is the Cost-of-Living Adjustment (COLA), which is scheduled to start with benefits that over 50 million Social Security beneficiaries receive in January 2009.  Increased payments will also begin for more than 7 million Supplemental Security Income beneficiaries on December 31.

Social Security and Supplemental Security Income benefits automatically go up every year based on the rise of the Bureau of Labor Statistics’ “Consumer Price Index for Urban Wage Earners and Clerical Workers” (CPI-W), from the third quarter of the previous year to the corresponding period of the current year.

The 5.8 percent increase in benefit payments is the highest raise since 1982.  In addition to the increase in benefits, other changes are being made, including an increase in the amount of wages subject to Social Security tax.

Starting in 2009, the maximum taxable amount will be $106,800, which has gone up from $102,000 in 2008.  This change in taxation is estimated to affect approximately 11 million of the 164 million workers who pay Social Security tax.  The tax rate will stay the same – 6.2 for employers and employees and 12.4 for self-employed individuals.

The taxable earnings to earn a credit of coverage for Social Security will go up in 2009 to $1,090, which was $1,050 in 2008.  Workers can earn up to four credits each year.

According to the new changes, the average retired worker will receive an increase in Social Security benefits and will start to receive $1,153 per month compared to $1,090 in 2008.

To find out more information about the new changes with Social Security set to begin in 2009, visit Social Security’s website at http://www.socialsecurity.gov/.

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