Social Security Increases
Below is a press release accompanied by a fact sheet that the Social > Security Administration sent out yesterday. The new SGA for the blind > is $1640 up from > $1570. > > Eric > > Thursday, October 16, > 2008 > > Mark Lassiter, Press Officer > > For Immediate > Release > 410-965-8904 > > [EMAIL PROTECTED] > > News Release > > SOCIAL SECURITY > > Social Security Announces 5.8 Percent Benefit Increase for 2009 > > Monthly Social Security and Supplemental Security Income benefits for > more than 55 million Americans will increase 5.8 percent in 2009, the > Social Security > Administration announced today. The 5.8 percent increase is the > largest since 1982. > > Social Security and Supplemental Security Income benefits increase > automatically each year based on the rise in the Bureau of Labor > Statistics' Consumer > Price Index for Urban Wage Earners and Clerical Workers (CPI-W), from > the third quarter of the prior year to the corresponding period of > the current year. > This year's increase in the CPI-W was 5.8 percent. > > The 5.8 percent Cost-of-Living Adjustment (COLA) will begin with > benefits that over 50 million Social Security beneficiaries receive > in January 2009. > Increased payments to more than 7 million Supplemental Security > Income beneficiaries will begin on December 31. > > Some other changes that take effect in January of each year are based > on the increase in average wages. Based on that increase, the > maximum amount of earnings > subject to the Social Security tax (taxable maximum) will increase to > $106,800 from $102,000. Of the estimated 164 million workers who > will pay Social > Security taxes in 2009, about 11 million will pay higher taxes as a > result of the increase in the taxable maximum. > > Information about Medicare changes for 2009 can be found at > www.Medicare.gov. > > # # # > > NOTE TO CORRESPONDENTS: A fact sheet showing the effect of the > various automatic adjustments is attached. > > SSA Press Office 440 Altmeyer Building 6401 Security > Blvd. Baltimore, MD 21235 410-965-8904 FAX 410-966-9973 > > Fact Sheet > > SOCIAL SECURITY > > 2009 SOCIAL SECURITY CHANGES > > o Cost-of-Living Adjustment (COLA): > > Based on the increase in the Consumer Price Index (CPI-W) from the > third quarter of 2007 through the third quarter of 2008, Social > Security and Supplemental > Security Income (SSI) beneficiaries will receive a 5.8 percent COLA > for 2009. Other important 2009 Social Security information is as follows: > > 2008 2009 > > o Tax Rate: > > Employee > 7.65% 7.65% > > Self-Employed 15.30% > 15.30% > > NOTE: The 7.65% tax rate is the combined rate for > Social Security and Medicare. The Social Security portion (OASDI) is > 6.20% on earnings > up to the applicable taxable maximum amount (see below). The > Medicare portion (HI) is 1.45% on all earnings. > > o Maximum Taxable Earnings: > > Social Security (OASDI > only) $102,000 $106,800 > > Medicare (HI > only) N o L i m i t > > o Quarter of Coverage: > > $1,050 $1,090 > > o Retirement Earnings Test Exempt Amounts: > > Under full retirement > age $13,560/yr. $14,160/yr. > > ($1,130/mo.) > ($1,180/mo.) > > NOTE: One dollar in benefits will be withheld for > every $2 in earnings above the limit. > > The year an individual reaches > full $36,120/yr. $37,680/yr. > > retirement > age ($3,010/mo.) > ($3,140/mo.) > > NOTE: Applies only to earnings for months prior to attaining full > retirement age. One dollar in benefits will be withheld for every $3 > in earnings above > the limit. > > There is no limit on earnings beginning the month an individual > attains full retirement age. > > SSA Press Office 440 Altmeyer Building 6401 Security > Blvd. Baltimore, MD 21235 410-965-8904 FAX 410-966-9973 > > o Social Security Disability Thresholds: > > Substantial Gainful Activity (SGA) > > Non-Blind > $ 940/mo. $ 980/mo. > > Blind > $1,570/mo. $1,640/mo. > > Trial Work Period > (TWP) $ 670/mo. $ 700/mo. > > o Maximum Social Security Benefit: Worker Retiring at > Full Retirement Age: > > $2,185/mo. > $2,323/mo. > > o > SSI Federal Payment Standard: > > Individual > $637/mo. $674/mo. > > Couple > $956/mo. $1,011/mo. > > o SSI Resources Limits: > > Individual > $2,000 $2,000 > > Couple > $3,000 $3,000 > > o SSI Student Exclusion: > > Monthly > limit $1,550 > $1,640 > > Annual > limit $6,240 > $6,600 > > o Estimated Average Monthly Social Security Benefits Payable > in January 2009: > > Before After > > 5.8% COLA 5.8% COLA > > All Retired > Workers $1,090 > $1,153 > > Aged Couple, Both Receiving > Benefits $1,773 $1,876 > > Widowed Mother and Two > Children $2,268 $2,399 > > Aged Widow(er) > Alone $1,051 $1,112 > > Disabled Worker, Spouse > and $1,695 $1,793 > > One or More Children > > All Disabled Workers $ > 1,006 $1,064 > > Eric Bridges > > Director of Advocacy and Governmental Affairs --~--~---------~--~----~------------~-------~--~----~ Access the Recipes And More list archives at: http://www.mail-archive.com/recipesandmore%40googlegroups.com/ Visit the group home page at: http://groups.google.com/group/RecipesAndMore -~----------~----~----~----~------~----~------~--~---
