You may want to update your clients' retirement income planning projections to reflect benefit increases by Social Security.
For benefit recipients, income will increase by 3.6 percent in January based on the inflation-linked Cost of Living Adjustment (COLA). This is the first COLA increase since 2009.
For future retirees, all previously earned Social Security credits will be adjusted higher by a 2.36 percent increase in the National Average Wage Index (NAWI), as reported for 2010 (compared to 2009). The index has a lag of one year. Although NAWI did not increase in 2009, the 2010 level is a record $41,674 – just above the $41,335 for 2008.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
