Monthly Social Security and Supplemental Security Income benefits for more than 60 million Americans will increase 3.6 percent in 2012, according to the Social Security Administration.
The 3.6 percent cost-of-living adjustment will begin with benefits that nearly 55 million Social Security beneficiaries receive in January 2012. Increased payments to more than 8 million SSI beneficiaries will begin on Dec. 30, 2011.
The maximum amount of earnings subject to the Social Security tax will increase from $106,800 to $110,100 in January. Of the estimated 161 million workers who'll pay Social Security taxes in 2012, about 10 million will pay higher taxes as a result of the increase in the taxable maximum.
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