Social Security Recipients To Get A Raise in 2009
October 19, 2008
More than 50 million U.S. seniors will see a 5.8% cost-of-living increase in their Social Security benefits starting in 2009, the Social Security Administration (SSA) announced. It will be the biggest adjustment since 1982.
The average single retiree’s benefit check will rise by $63 and the average couple’s by $103 a month. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $106,800 from $102,000.
About 11 million of the estimated 164 million workers who pay Social Security taxes in 2009 will pay higher taxes as a result of the increase in the taxable maximum.
Americans have seen an overall decline of about $2 trillion in the value of their retirement savings balances due to the upheaval in the financial markets this year, the Congressional Budget Office announced. Americans are also losing confidence in their ability to afford a healthy retirement, surveys show.
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