SOCIAL SECURITY RECIPIENTS GET 3.6 PERCENT INCREASE - Likely Offset By Medicare Increases

(10/21/2011)

With the future of Social Security and Medicare in the middle of a contentious political battle in Washington, Social Security recipients will be receiving a 3.6 percent increase in their monthly benefits starting in January. It will be the first cost of living increase since 2009. The average recipient will receive about $39 more a month. The cost-of-living adjustment will likely be offset with expected increases in Medicare. The amount of wages subject to Social Security taxes will also go up next year. The first $106,800 in wages is subject to Social Security payroll taxes this year, but that figure will rise to $110,100. Of the 161 million workers who will pay Social Security taxes next year, about 10 million will get a tax increase from the change, according to the Social Security Administration.

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