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Social Security Disability Benefits to Go Up in 2009

For individuals receiving Social Security benefits, there is good news.  Social Security will be increasing benefit payments by 5.8 percent for Social Security and Supplemental Security Income beneficiaries.  The increase is set to begin with January payments.

This increase is the Cost-of-Living Adjustment (COLA), which will begin with benefits for over 50 million Social Security beneficiaries in January 2009.  More than 7 million Supplemental Security Income beneficiaries should expect to receive their increased payments starting December 31.

Every year, Social Security and Supplemental Security Income benefits increase automatically based on the rise in the Bureau of Labor Statistics’ “Consumer Price Index for Urban Wage Earners and Clerical Workers” (CPI-W), from the third quarter of the prior year to the corresponding period of the current year.

The 5.8 percent increase in benefits is the biggest increase since 1982.  There are some other changes, in addition to the benefits increase, such as the increase in the amount of wages subject to Social Security tax.

In 2008, the maximum taxable amount was $102,000, but will raise to $106,800 in 2009.  This change in the taxable amount is estimated to affect approximately 11 million of the 164 million workers who pay Social Security tax.  The tax rate will not be changed and will remain at 6.2 for employers and employees and 12.4 for the self-employed.

Starting in 2009, it will take $1,090 in taxable earnings to get a credit of coverage for Social Security, which is higher than the 2008 amount, which was $1,050.

Other changes include the amount of benefits paid to retired workers.  In 2009, the average retired worker will receive $1,153 a month in Social Security benefits, up from $1,090 in 2008.  Individuals receiving Medicare should visit Medicare’s website at www.medicare.gov to find out the 2009 changes.

For more information regarding Social Security’s changes, visit www.socialsecurity.gov.

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• Social Security Disability Benefits to Go Up in 2009Posted on 12/11/2008

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