Social Security Administration Announces 2009 Cost-of-Living Adjustment

The Social Security Administration announced that the monthly benefit for 55 million Americans will increase by 5.8%.  This is the largest increase since 1982.  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.   http://www.ssa.gov/pressoffice/pr/2009cola-pr.htm

Reprinted with permission. © CCH
(Submitted Oct. 16, 2008)

Social Security Administration Announces 2009 Cost of Living Adjustment The Social Security Administration announced that the monthly benefit for 55 million Americans will increase by 5.8%.  This is the largest increase since 1982.  The maximum amount of earnings subject to the