The Social Security Administration announces some new changes for the upcoming year.
The SSA announced today at a press release that beginning in January 2009 monthly Social Security benefits for 55 million American will increase by 5.8%. This Cost-of-Living Adjustment (COLA) is the largest increase since 1982. Another significant change for 2009 is that the maximum amount of earnings subject to Social Security tax will increase from $102,000 to $106,800.
For more information regarding these changes, visit Social Security Online at http://www.ssa.gov/pressoffice/pr/2009cola-pr.htm