Monthly Social Security and Supplemental Security Income benefits for more than 60 million Americans will increase 3.6 percent in 2012, according to the Social Security Administration.
The 3.6 percent cost-of-living adjustment will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 30, 2011.
The maximum amount of earnings subject to the Social Security tax will increase from $106,800 to $110,100 in January. Of the estimated 161 million workers who'll pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.
The SSA also said that the increase for some Medicare beneficiaries may be partially or completely offset by increases in Medicare premiums. For more information on 2012 Medicare changes, visit Medicare.gov.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
