Wednesday, October 31, 2012

A Cost of Living Increase for Social Security Beneficiaries in 2013

Benefits to Increase 1.7 Percent in 2013


This is from the Social Security Newsletter I received today:

Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 62 million Americans will increase 1.7 percent in 2013.

The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 56 million Social Security beneficiaries receive in January 2013. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2012.

The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $113,700 from $110,100. Of the estimated 163 million workers who will pay Social Security taxes in 2013, nearly 10 million will pay higher taxes based on the increase in the taxable maximum.

Learn more about the COLA and resulting changes by reading the press release and fact sheet at www.socialsecurity.gov/pressoffice/pr/2013cola-pr.html.

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