You may want to update your clients' retirement income planning projections to reflect benefit increases by Social Security.
For benefit recipients, income will increase by 3.6 percent in January based on the inflation-linked Cost of Living Adjustment (COLA). This is the first COLA increase since 2009.
For future retirees, all previously earned Social Security credits will be adjusted higher by a 2.36 percent increase in the National Average Wage Index (NAWI), as reported for 2010 (compared to 2009). The index has a lag of one year. Although NAWI did not increase in 2009, the 2010 level is a record $41,674 – just above the $41,335 for 2008.
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