Social Security Increase

SSA announces increase in taxable wage base and monthly benefits for 2008.

The maximum amount of earnings taxable for Social Secuirty in 2008 is increasing to $102,000.00.  This is a $4,500.00 increase from 2007’s wage base of $97,500.00. Along with this wage base increase is a 2.3% Cost of Living Adjustment (COLA) to the monthly benefits.  The COLA is based off of the Bureau of Labor Statistics’ Consumer Price Index for Urban Earners and Clerical Workers.  The 2.3% increase will begin with the January benefits sent out by the Social Security Administration.

For more information the SSA has a fact sheet at:

http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2008.htm.  

Written By: Jake Stratton